£3.4bn Sky Bet takeover creates record-breaking company
The £3.4 billion sale of Sky Betting & Gaming to a Canadian gaming group has been completed.
In April Sky plc and private equity firm CVC Capital Partners struck a cash-plus-stock deal with Nasdaq-listed The Stars Group for SBG.
The world’s largest publicly listed online gaming company has now been created after the deal went through.
In partnership with Sky, Leeds-headquartered SBG has developed some of online gaming's most well-known brands, including Sky Bet, Sky Vegas and Sky Casino.
In the company’s latest financial year, it generated revenue of £624m.
"This acquisition represents a pivotal moment in The Stars Group’s evolution,” said The Stars Group’s chief executive Rafi Ashkenazi.
“SBG’s mobile-focused sportsbook pairs well with our industry-leading poker offering to create two premier customer acquisition channels.
“We believe this combination along with our combined online casino offerings positions The Stars Group for continued growth in the evolving online gaming industry.
"This transaction creates the world’s largest publicly listed online gaming company and unites two iconic brand portfolios with strong technology platforms and teams.
“This significant scale also positions The Stars Group to both secure and expand upon its global footprint."