Canadian gambling firm Stars Group have bought Sky Betting and Gaming (SB&G) in a deal worth approximately £2.6bn.
Sky’s majority stake in SkyBet was sold to CVC Capital Partners (CVC) in 2015, which recently hired investment banks to lead a possible IPO (initial public offering). But with the Toronto-based group announcing details of the acquisition on Saturday, this now looks unlikely to happen.
Earlier this year SB&G governance disclosed full-year 2017 revenues of + £600 million, combined with an adjusted operating EBITDA of + £200 million, representing a compounded annual growth increase of circa 50% per metric. In a press release.
The company has previously failed to take control of Sky-rival William Hill Plc in 2016, which would have given Stars access to the core United Kingdom market.
Rafi Ashkenazi, the chief executive officer of Stars Group, said that Sky Betting & Gambling’s betting product is the “ideal complement” to the company’s poker platform.
Stars Group said that the deal would result in creating the “world’s largest publicly listed online gaming company”.