Canada – Stars Group sells off non-core investmentsBy Phil - 5 December 2017
The Stars Group has completed the sale of its ordinary shares of Jackpotjoy, representing approximately 7.5 per cent of Jackpotjoy’s then issued and outstanding ordinary shares, for net cash proceeds of $59.5m.
This sale follows The Stars Group’s November 2017 sale of its securities of NYX Gaming and a subsidiary thereof, representing approximately 13.7 per cent of NYX Gaming Group’s ordinary shares on a partially diluted basis, for net cash proceeds of $26.3m, and its August 2017 sale of its approximately 40.45 per cent ownership interest in Innova Gaming Group Inc. for net cash proceeds of $16.1m.
These sales mark the completion of The Stars Group’s divestiture of its legacy non-core gaming investments for total net cash proceeds this year of approximately $102m. The Stars Group intends to use these proceeds for general corporate purposes.
“The successful sale of these legacy non-core investments is another step in our efforts to focus on our strategic business objectives,” said Brian Kyle, Chief Financial Officer of The Stars Group. “The proceeds from our recent divestiture efforts provide us with additional financial capacity and flexibility to continue to execute on our organic and external growth initiatives.”