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The Stars Group, owner of the online giants PokerStars and BetStars, revealed its intentions for a public offering of 15 million common shares in order to fund the acquisition Skybet. The Canada-based provider of technology-based product offerings seeks approximately 4.7 billion USD for completing the deal and the decision was announced on Monday.
The parent company of PokerStars said in a statement that the public offering aims to use the accumulated proceeds from the offering, together with debt financing and cash in hand, to fund the acquisition of Skybet: “If for any reason the acquisition does not close, the Company intends to use the net proceeds from the Offering for general corporate purposes” concludes the Press release.
Two months ago The Stars Group announced the agreement to buy Skybet from owners CVC Capital Partners and Sky PLC in a deal worth 4.7 billion USD. The Canadian gaming company will have to shell out 3.6 billion USD in cash, the rest will be in the form of newly-issued shares. British media company Sky, owner of 20% in Skybet, received around 595 million USD in cash.
