The Stars Group Incorporated raises $622 million to fund purchase

In its quest to obtain British rival Sky Betting and Gambling from current owners, CVC Capital Partners and Sky, Canadian online casino operator, The Stars Group Integrated , has declared it has increased approximately $622 million via the successful conclusion of a public share offering.

The Stars Group Incorporated, which is responsible for virtual manufacturers, PokerStars and FullTilt, used a official Tuesday press launch to detail the offering saw it sell some 17 million stocks as a further eight million was offloaded by stakeholders. The Toronto-based firm declared that the net proceeds are now due to be used ‘together with debt financing and money on hand’ to fund its previously-announced purchase of Sky Betting and Gambling.

“If for any reason the purchase does not close, the organization plans to use the net proceeds from the offering for general corporate functions,” read the June 26 statement from The Stars Group.

Previously called Amaya Incorporated before a 2017 name-change, The Stars Group agreed a deal in April to cover $3.6 billion in cash and $1.1 billion in new common shares in order to obtain Sky. The firm, which will be likewise the vast majority shareholder of Australian online sportsbetting operator, CrownBet, shown at the time this transaction is anticipated to close during the next quarter and will provide it with ‘multiple operational and financial advantages ’ such as ‘a heightened presence in regulated markets’ like the United Kingdom.

To aid its purchase of Sky Betting and Gambling, Stars said on Friday it had launched a unsecured private loan that in hopes of raising an extra $750 million. It proclaimed that these notes must be sold in the United States ‘just to qualified institutional buyers’ also will come due in 2026.

“The Stars Group Incorporated plans to use the net proceeds from the offering along with the company’s previously announced equity offering, bank financing and cash available to fund the previously announced acquisition of Sky Betting and Gambling,” read the June 22 announcement by the corporation.