Betting firm The Stars Group has announced that they've signed a deal to purchase Sky Betting and Gaming from CVC Capital Partners for a total of $4.7 billion.
The agreement will see Stars purchasing the company with both cash and stock, with the company putting up $3.6 billion in cash and 37.9 million shares of common stock, which makes up about 20% of Star's common shares. To help finance the deal, Stars has secured financing of $6.9 billion of loans, which will also be used to re-finance other debt.
The deal is expected to be completed in the third quarter of this year, which is subject to regulatory approval.
Commenting on the deal Stars Group CEO Rafi Ashkenazi said, "The acquisition of Sky Betting & Gaming is a landmark moment in the Stars Group's history. SBG operates one of the world's fastest growing sportsbooks and is one of the UK'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 and will significantly increase our ability to create winning moments for our customers."
Sky Betting and Gaming CEO Richard Flint added: "We have had a fantastic last few years and would like to thank CVC and Sky for supporting us in becoming a leading online operator in the UK.
"This transaction allows us to offer our best-in-class products to a truly global audience; we're excited about our future together."