Canadian online gambling giant The Stars Group announced Saturday that it would buy UK counterpart Sky Betting & Gaming in a move that would create the largest publicly listed online gambling company, boost The Stars Groups sports betting product, and secure the combined entity with better positions in key online gambling markets amid intense competition.
The deal was valued at $4.7 billion and is expected to be completed in the third quarter of the year. It is subject to approval from the Toronto Stock Exchange, NASDAQ, and gambling regulators.
Under the terms of the agreement, The Stars Group will pay cash and stock to SkyBet owners CVC Capital Partners and Sky Plc. The cash portion of the deal totals $3.6 billion. The remai…
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