Sky Betting Gaming acquired by Stars Group for $3.4B
April 21, 2018 9:10 AM
by Robert Mann
More consolidation has arrived in the global betting industry with the announcement today (Saturday) that negotiations have resulted in the acquisition of Sky Betting & Gaming (SBG) by Toronto-based Stars Group for about $3.4 billion (US).
This combination will result in the world's largest publicly listed online gaming company.
Sky Bet is majority-owned by CVC Capital Partners, a private equity firm. CVC holds 71 percent of Sky Bet's shares.
"The acquisition of Sky Betting & Gaming is a landmark moment in The Stars Group's history," Rafi Ashkenazi, the Stars’ Chief Executive Officer said in a media release. "SBG operates one of the world's fastest growing sports books and is one of the United Kingdom'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."