![]() ![]() It was a daring transaction that saw a minnow swallow a competitor several times its size. In 2014, the company bought Isle of Man-based Rational Group, the owner of PokerStars for US$4.9-billion. Baazov, a complete unknown in the online gambling world, took Amaya public for $1 a share. Baazov also mounted an unsuccessful attempt to take Amaya private. ![]() analyst David McFadgen said that the transaction is “a bit light in terms of fair value for TSG.” He also said that accepting Flutter stock is a “major risk” for TSG shareholders, considering Flutter’s expensive current valuation.Īmaya, the predecessor to Stars Group, was founded by Canadian David Baazov, who at one point was accused by Quebec’s securities regulator of illegal insider trading. ![]() In a statement, Dublin-based Flutter said the combination will result in “substantial value creation for shareholders,” including cost savings equivalent to approximately $229-million a year.Ĭormark Securities Inc. The company recently forged a partnership with Fox Sports, a division of Fox Corporation, that gives it a bigger slice of the U.S. Stars Group already has a presence in Pennsylvania and New Jersey. Supreme Court lifted a long-standing federal ban that made sports betting illegal in most states. The deal is at least partly motivated by Flutter’s desire to build up its business in the U.S. ![]()
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