Major gambling group Stars have agreed to buy out the remaining shareholding of their Australian subsidiary BetEasy.
Announcing the move to investors, Stars Group confirmed that it had reached a deal with the remaining minority investors that will see them pick up the remaining 20% of BetEasy’s shares for a final figure of AUS $151 million. Stars have also agreed to foot the bill of AUS $100 million for performance incentives that had been previously agreed at the time of its 2018 share acquisition.
That deal, which was part of the Group’s attempts to grow its global sports betting reach, came out of a deal to purchase Australian sports betting company CrownBet, which went through for AUS $117 million. The Group then bought out the Australian division of William Hill for a sum of AUS $300 million. They then merged the two acquisitions to create BetEasy.
Speaking about the buyout, the CEO at Stars, Rafi Ashkenazi, said that they were delighted to have finalised the deal, and he praised the CEO at BetEasy, Matt Tripp, for his efforts:
“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.”
Tripp is set to continue with the company as their president in a non-executive capacity from the start of 2020, while Andrew Menz, the one-time director of strategy at the firm, will take over as CEO.
Speaking about the changes, Tripp said that it was pleasing to see the firm’s long-term plans bearing fruit. And he praised Menz, who he said had the experience of commercial and regulatory issues necessary to continue BetEasy’s growth and to cement its position in the Australian market.