The Stars Group Increases Its Stake In CrownBet
It’s getting pretty hot in the Land Down Under.
Only a couple of days ago, the Canadian gaming and online gambling company acquired 62% of the Australian operator CrownBet.
The Stars Group bought the majority stake from casino and leisure operator Crown Resorts, for a consideration of $91.4 million.
Expanding Its Investment
Now, the Aussies have announced they have completed the purchase of the entire William Hill’s Australian business division for $234.3 million.
Following this move, the Stars Group has decided to increase its equity in the Australian side, by acquiring additional 18%, increasing its stake to 80%. The Stars Group’s governance has issued a statement saying it will further pay for the acquisition of William Hill’s assets in Australia.
The Stars Group has announced it will undertake a price for both transactions.
The Canadian company has already confirmed Matt Tripp will remain the Chief Executive Officer of CrownBet. With him at the helm, CrownBet will continue to implement its growth strategy, which will now be backed up with the integration of William Hill’s Australian assets.
Commenting on the latest move, Rafi Ashkenazi, Chief Executive Officer of The Stars Group said the acquisitions would further increase the company’s exposure to the attractive Australian sportsbook market and create a player of scale and a clear rival to the top two operators in the country.
Ashkenazi also stated that with complementary geographic profiles the Stars Group expected the combined business to leverage CrownBet’s operating and proprietary technology platform and be well positioned for growth and to navigate the ongoing regulatory and taxation changes in the Australian market.
Founded in 2001 as Amaya Inc, the Toronto-headquartered company produces and offers online gaming products and services including poker, casino, and sportsbook. The company is traded on Nasdaq and the Toronto Stock Exchange and employs 1,800 people.