Global poker giant and PokerStars’ parent company, the Stars Group Inc. on Saturday announced that it would be acquiring UK-focused Sky Betting and Gaming for $4.7 billion. The acquisition will be in form of a cash and stock transaction that will transfer the ownership of the betting operator from the private equity firm CVS Capital Partners and British media company Sky to the Stars Group.
The Starts Group has also said that the merger will result in the “world’s largest publicly listed online gaming company” especially because it only comes second to the 2014 deal that saw the Toronto-based Stars Group –which was previously known as Amaya – acquire PokerStars for 4.9 billion.
It is anticipated that the acquisition agreement will be finalized by the third quarter of this year but one thing that is for sure is that the merger will certainly add more diversity to The Stars Group’s already neat portfolio that includes online gaming, online poker, and sports wagering. While the company’s sports wagering offerings are quite great, the company has been looking to increase its influence in the rapidly evolving sports betting market.
Also, considering that the United States Supreme Court might finally legalize nationwide sports betting the company is definitely going to have an edge over its competitors.
“The acquisition of Sky Betting & Gaming (SBG) is a landmark moment in the Stars Group’s history,” said PokerStars CEO Rafi Ashkenazi. “SBG operates one of the world’s fastest growing sportsbooks and is one of the U.K.’s leading gaming providers. SBG’s premier sports betting product is the ideal complement to our industry-leading poker platform. The ability to offer two low-cost acquisition channels of this magnitude provides the Stars Group with great growth potential.”
Both Ashkenazi and Sky Bet chief Richard Flint strongly believe that the merger will not only enable both companies to offer their best-in-class products to the world but will also make them the “world’s favorite iGaming destinations.”
