Stars Group Sells Shareholding in Jackpotjoy
The Stars Group is a global, online gaming company and a leader in the online gaming industry. They are the owners of leading brands like PokerStars, PokerStars Casino, Full Tilt, BetStars and more, forming a collective total of over 115 million registered customers around the world.
The Stars Group also held approximately 7.5% stake in Jackpotjoy, a leading online bingo and casino operator. News reports from a few days back say that the group initially thought of selling off half their stake in Jackpotjoy due to strong investor demands. However, they ended up selling their entire stake in the company.
After investor demand, Stars Group sold their whole stake in the bingo company - 5,561,666 shares, at 802 pence a share. Their sale of stake in this company was their second of the week, following a sale of 7,021,352 shares in another online gaming company called NYX Gaming Group.
The sale from NYX gained them an approximate amount of £30 million, while their sale from Jackpotjoy has gained them almost £45 million. The sale led to a drop in the share price of Jackpotjoy, falling around 5% on Thursday morning. Reports say that Stars Group is preparing for some crucial merger and acquisitions deals.
The decision to offload stakes in Jackpotjoy was probably made after they announced the acquisition of another loan of £385 million, adding to its already existing long term debts. No, Jackpotjoy will not receive any proceeds from the sale!
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