The Stars Group acquires 62% equity interest in CrownBet Holdings
The Stars Group announced that it has acquired a 62% equity interest in CrownBet Holdings Pty for an aggregate amount of approximately $117.7M. CrownBet, which launched in 2014 in Australia, the world's second largest regulated sports betting market. The Stars Group acquired the 62% interest in CrownBet from Crown Resorts in an all-cash transaction using cash on The Stars Group's balance sheet. The Stars Group partnered with the other shareholders of CrownBet, including the CrownBet management team led by founder and CEO Matthew Tripp, to complete the purchase and will continue to work directly with Tripp, who will remain in his position and continue to operate the business in Australia. Under the transaction agreements, The Stars Group is also entitled to appoint a majority of the directors on the board of directors of CrownBet. The Northern Territory Racing Commission has approved the transaction subject to The Stars Group satisfying certain standard conditions.