The Stars Group governance has enforced its majority rights to acquire the remaining 20% shareholding in Australian market subsidiary BetEasy.
Issuing a corporate filing Stars Group confirms that it has agreed with minority investors to purchase BetEasy’s remaining shareholding for AUS $151 million (€93m) – with governance further agreeing to settle AUS $100 million (€60m) in previous performance incentives related to its 2018 acquisition of BetEasy assets.
Moving to expand its sports betting capacity globally, in 2018 Stars Group governance sanctioned a majority investment in Australian bookmaker CrownBet for AUS $117 million.
Seeking to swiftly establish a lead position within Australia’s online betting scene, the Stars Group would broker a buyout of William Hill’s loss-making Australia division for AUS $300 million, merging the business with CrownBet enterprise to form BetEasy.
“I’m delighted to reach this agreement for our BetEasy business,” said Rafi Ashkenazi, Chief Executive Officer of The Stars Group.
“The launch of BetEasy through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market. Matt Tripp’s entrepreneurial spirit and vision has guided BetEasy since he founded the business and we are glad he will oversee the transition as non-executive President,” Ashkenazi adds.
Matt Tripp, BetEasy’s CEO, will provide ongoing leadership as the non-executive president beginning January 1, 2020, with Andrew Menz, who previously served as BetEasy’s director of strategy and regulatory affairs, as his successor in the CEO role.
“I’m pleased to see our long-term succession plan come to fruition. Andrew Menz brings deep commercial and regulatory experience which leaves BetEasy in a strong position to continue delivering profitable growth,” Tripp said.
Source: SBC News
