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The Stars Group (TSG) is set to take full control of Australian sports betting operator BetEasy after agreeing a deal to acquire the remaining 20 per cent stake for AU$151m (€93.3m).
TSG has also agreed to pay AU$100m to settle a previously disclosed performance payment under the agreements for its 2018 acquisition of the initial 80 per cent interest. The company will also repay AU$$56.9m of outstanding BetEasy minority shareholder loans.
“I’m delighted to reach this agreement for our BetEasy business. The launch of BetEasy through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market,” said The Stars Group CEO Rafi Ashkenazi.
Matt Tripp, currently chief executive of BetEasy and company founder, will provide ongoing leadership as non-executive president of BetEasy from 1 January 2020. Andrew Menz, who was previously BetEasy’s director of strategy and regulatory affairs, will take on the role of CEO.
“Matt Tripp’s entrepreneurial spirit and vision has guided BetEasy since he founded the business, and we are glad he will oversee the transition as non-executive president,” added Ashkenazi.
