Canadian online casino operator The Stars Group Incorporated has reportedly banked approximately $60.84 million after offloading the entire 7.6% stake it held in United Kingdom-licensed rival Jackpotjoy.
According to a report from American investments research firm Morningstar Incorporated, Toronto-based The Stars Group Incorporated revealed on Wednesday that it would ‘explore the opportunity’ of selling up to half of the 5.6 million of the shares it held in Jackpotjoy before declaring the next day that it had actually offloaded its entire stake due to ‘strong investor demand’.
The Stars Group Incorporated is responsible for virtual brands such as PokerStars and FullTilt and reportedly earned roughly $27.74 million early last week after selling its 13.7% shareholding in gaming solutions innovator NYX Gaming Group Limited to Scientific Games Corporation.
For its part, London-based Jackpotjoy, which will reportedly not receive any proceeds from the sale, is responsible for online casino and bingo brands such as InterCasino, Vera&John, CostaBingo and Starspins and declared last week that it had secured a new revolving credit facility worth around $525.16 million that it intends to utilize to help satisfy existing loan agreements.
