Prominent online casino operator, The Stars Group Incorporated, has announced the signing of an agreement that is to see it pay approximately $103.21 million in order to acquire a 20% stake in Australian sportsbetting firm, BetEasy Proprietary Limited.
The Canadian company used an official Tuesday press release to detail that the deal is to moreover involve it handing over about $68.37 million so as to settle a previously-agreed performance payment and complete its 2018 purchase of an 80% stake in the Melbourne-based online and mobile sportsbook provider.
The Stars Group Incorporated is responsible for virtual iGaming brands such as PokerStars and FullTilt while it inked a $4.7 billion arrangement last year that saw it acquire British rival Sky Betting and Gaming. Previously known as Amaya Incorporated until a 2017 name-change, the Toronto-listed operator also runs the New Jersey-facing BetStarsNJ.com and PokerStarsNJ.com domains and launched its FoxBet.com sportsbetting service in August via a partnership with the Fox Sports division of American broadcasting behemoth Fox Corporation.
Rafi Ashkenazi, Chief Executive Officer for The Stars Group, used the press release to declare that he is ‘delighted’ to have reached an agreement to fully acquire BetEasy Proprietary Limited and now expects the all-cash transactions to be completed within 90 days.
Read a statement from Ashkenazi…
“The launch of BetEasy Proprietary Limited through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market. Matt Tripp’s entrepreneurial spirit and vision has guided BetEasy Proprietary Limited since he founded the business and we are glad he will oversee the transition as non-executive President.”
For his part, Tripp stated that the arrangements are to furthermore see the Strategy and Regulatory Affairs Director for BetEasy Proprietary Limited, Andrew Menz, take over as the sportsbetting firm’s Chief Executive Officer to continue providing its customers with ‘a category-leading wagering experience’ from every greyhound, harness and thoroughbred racing facility in Australia.
Tripp’s statement read…
“I’m pleased to see our long-term succession plan come to fruition. Andrew Menz brings deep commercial and regulatory experience, which leaves BetEasy Proprietary Limited in a strong position to continue delivering profitable growth. I know that this business, which we founded back in 2013, is in very capable hands with a strong executive team and the backing of The Stars Group Incorporated, who has been a terrific partner and a global leader in this industry.”