logo
Plus   Neg
Share
Email

Stars Group To Acquire Remaining 20% Of BetEasy - Quick Facts

The Stars Group Inc. (TSG, TSGI.TO) announced Monday that it has agreed with the minority shareholders of BetEasy, its Australian-based sports betting business, to acquire the remaining 20 percent interest in the company for A$151 million.

As part of this agreement, The Stars Group also agreed to pay A$100 million to settle the previously disclosed performance payment under the agreements for its 2018 acquisition of the initial 80 percent interest.

The Stars Group currently expects to complete the minority acquisition within 90 days following the earlier of either the issuance of The Stars Group's audited financial statements for the year-ended December 31, 2020 or the completion of the previously announced board-recommended all share combination of The Stars Group with Flutter Entertainment Plc.

The purchase price will be settled in cash unless it follows the completion of the combination, in which case Flutter may elect to settle in cash, Flutter ordinary shares or a combination of the same.

In addition to the acquisition of the remaining interest, The Stars Group will settle the performance, or earn-out, payment to the minority shareholders for A$100 million. The performance payment, which could have reached A$232 million, was subject to certain performance conditions primarily related to BetEasy's EBITDA.

Also as part of the agreement, The Stars Group will repay A$56.9 million of outstanding BetEasy minority shareholder loans.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Video streaming giant Netflix announced plans to significantly increase its investment in France with 20 new French productions, and partnerships with leading French creative institutions. Netflix on Monday opened its new headquarters in France, located in the heart of Paris. Netflix France currently... Toyota Motor Corp. has invested $394 million in U.S. electric air-taxi startup Joby Aviation as lead investor in the recent $590 million Series C financing. Toyota said it is continuing to leverage emerging technologies to provide "Mobility for All" as the lead investor as part of its transformation into a mobility company. As the world is facing severe consequences of increasing carbon emissions, Microsoft has announced various plans to tackle the issue. The company aims to reduce its own carbon emissions by more than half, and to be carbon negative by 2030. This means the company will remove more carbon than it emits each year. The company further announced a new $1 billion Climate Innovation Fund.
RELATED NEWS
Follow RTT
>