The Stars Group Announces the Purchase of Sky Bet for $4.7 Million
The Canadian gaming giant The Stars Group has confirmed it has reached an agreement to buy the British-based gambling company Sky Betting & Gaming.
According to the available information, the transaction is worth $4.7 billion.
An Important Move
Commenting on this important move, The Stars Group Chief Executive Officer Rafi Ashkenazi said the acquisition of Sky Betting & Gaming was a landmark moment in the company’s history.
He pointed out that Sky Betting & Gaming operated one of the world’s fastest growing sportsbooks, and stressed it was one of the leading gaming providers in the United Kingdom.
Ashkenazi added Sky Betting & Gaming’s premier sports betting product was the ideal complement to the Group’s industry-leading poker platform, which would provide it with great growth potential and significantly increase its ability to create a winning moment for customers.
Expanding Its Market Presence
According to Richard Flint, Sky Betting & Gaming’s Chief Executive Officer, the Leeds-headquartered company is delighted to join forces with The Stars Group.
Flint stated the gambling group had had a fantastic last few years and emphasized the latest transaction would allow the company to offer the best-in-class products to a truly global audience.
With this move, The Stars Group will gain a market leader, as well as increasing its presence within the United Kingdom, the largest regulated online gaming market in the world. The acquisition will also reflect on the firm’s overall product portfolio and operational technologies while complementing its PokerStars business.
Commenting on the sale of Sky Betting & Gaming, Pev Hooper, Partner at CVC Capital, the gambling’s company former majority owner said they had thoroughly enjoyed working closely with the team and their partners at Sky.
He stated the new deal with The Stars Group opened an exciting chapter for Sky Betting & Gaming to accelerate its international growth and added he was looking forward to continuing the journey as a shareholder in the combined group.