Stars Group raises $622m via public offering
The Stars Group has generated approximately $622m (€535.1m) via a public offering to help fund its acquisition of Sky Betting & Gaming (Sky Bet).
Announced last week, the offering featured common shares priced at $38 per share.
The group sold a total of 17,000,000 common shares, while certain shareholders in Stars Group sold off 8,000,000 common shares.
Stars Group and selling shareholders have granted underwriters for the offering an over-allotment option to purchase up to 1,875,000 and 1,875,000 additional common shares, respectively.
This option is exercisable for a period of 30 days from June 21.
Stars Group intends to use the net proceeds from the offering to help finance its purchase of Sky Bet, which it agreed to acquire in April for $4.7bn.
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