The company has reached an agreement with the minority shareholders of BetEasy, the Australian-based sports business from The Stars Group.
Canada.- The Stars Group has announced that it has reached an agreement with the minority shareholders of BetEasy, its Australian-based sports betting business, to acquire the remaining 20% interest in the company for €92.9 million.
As part of this agreement, The Stars Group also agreed to pay €61.5 million to settle the previously disclosed performance payment under the agreements for its 2018 acquisition of the initial 80% interest.
“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.”
Matt Tripp, BetEasy’s CEO, will provide ongoing leadership as the non-executive President of BetEasy beginning January 1, 2020, with Andrew Menz, who previously served as BetEasy’s Director of Strategy & 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,” said Matt Tripp. “I know that this business, which we founded back in 2013, is in very capable hands with a strong executive team and the backing of The Stars Group, who have been terrific partners and global leaders in this industry.”