With this acquisition, the company will have the 20% that TSG didn’t already own for AU$151m (US$103.3m).
Australia.- Toronto based The Stars Group (TSG) announced that it buys the rest of the online betting operator BetEasy. With this acquisition, the company will have the 20% that TSG didn’t already own for AU$151m (US$103.3m).
“I’m delighted to reach this agreement for our BetEasy business. 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,” Stars Group CEO Rafi Ashkenazi said.
TSG will also pay AU$100m as part of a performance payment contained in TSG’s 2018 BetEasy acquisition (80%) and a repay AU$56.9m of BetEasy minority shareholders’ loans.
BetEasy started in 2013 as a project of the founder, Mathew Tripp, that next year will leave his position to “oversee the transition as non-executive president.” Tripp’s former CEO position will be assumed by Andrew Menz, who previously served as BetEasy’s director of strategy & regulatory affairs.