The Stars Group, home to the PokerStars brand, has completed the $4.7bn acquisition of Sky Betting and Gaming.
“This acquisition represents a pivotal moment in The Stars Group’s evolution,” said Stars CEO Rafi Ashkenazi.
“SBG’s mobile-focused sportsbook pairs well with our industry-leading poker offering to create two premier customer acquisition channels. We believe this combination along with our combined online casino offerings positions The Stars Group for continued growth in the evolving online gaming industry.”
In a statement, Stars said the acquisition would “dramatically improve” revenue diversity, “creating a balanced spread across poker, casino and sportsbook”.
The move also boosts group’s presence in regulated markets to around 75 per cent of overall revenues.
“This transaction creates the world’s largest publicly listed online gaming company and unites two iconic brand portfolios with strong technology platforms and teams. This significant scale also positions The Stars Group to both secure and expand upon its global footprint,” added Ashkenazi.
The purchase sum comprised of a combination of cash and around 37.9 million newly-issued common shares of The Stars Group. The cash was financed from the balance sheet alongside proceeds from the group’s recent equity offering and newly issued debt.
