Stars Group Announces Sky Bet Purchase Details

This story was published more than 5 years ago.

Online betting firm Stars Group has announced that they're planning to fund their purchase of Sky Betting & Gaming using common shares.

The announcement comes two months after the company came to a $4.7 billion purchase agreement with Sky Bet parent company CVC Capital Partners. The company initially said that they would fund the purchase with stock and cash, with $3.6 billion coming from straight tender. Now the company is offering 15 million common shares, as well as an additional 6 million common shares contributed by certain shareholders. The company will also give underwriters the ability to purchase up to 15% more common shares sold via the offering.

The company's press release on the matter read in part: "The Stars Group intends to use the net proceeds from the treasury offering, together with debt financing and cash on hand to fund the previously announced acquisition of Sky Betting & Gaming (the "Acquisition"). The Offering is not contingent on the closing of the Acquisition or any debt financing. If for any reason the Acquisition does not close, the Company intends to use the net proceeds from the Offering for general corporate purposes."

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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20 June 2018 - 11:56am

OK, I reckon the Stars group 'll find a way to fund the deal one way or another and it would probably cost them some efforts to do that but nothing they couldn't afford really, monster deal.