The Stars Group finalises sale of Jackpotjoy shares
The Stars Group has completed the sale of its 7.5% stake in Jackpotjoy for net cash proceeds of $59.5m (€50.2m).
First announced last week, the Stars Interactive Holdings subsidiary of The Stars Group said the sale went ahead in order to satisfy investor demand to enhance the size of its share placing.
Jackpotjoy will not receive any proceeds from the transaction.
The sale comes after The Stars Group in November also sold its securities of NYX Gaming Group, representing approximately 13.7% of all ordinary shares in the company, for $26.3m.
In addition, in August, The Stars Group sold off its 40.45% ownership interest in Innova Gaming Group for $16.1m.
The company said the sales mark the completion of a divestiture of 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.
Brian Kyle, chief financial officer of The Stars Group, said: “The successful sale of these legacy non-core investments is another step in our efforts to focus on our strategic business objectives.
“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.”