Updating the market, Toronto TSX-listed online gambling firm The Stars Group Plc has informed that it has completed a divestiture of all corporate legacy investments.
The Stars Group confirms the complete the disposal of its 7.5% shareholding in London-listed online gambling firm Jackpotjoy Plc for net cash proceeds of $60 million. The company had alerted investors last week that it would proceed with the sale of its Jackpotjoy holding.
During H2 2017, Stars Group governance has undertaken a sale of all subsidiary investments, having offloaded its 13.7% stake in gambling technology firm NYX Gaming for $26 million.
Furthermore, the Stars Group would sell its 40.45% ownership interest in Innova Gaming Group for net cash proceeds of $16.1 million.
Through its divestiture plan, the Stars Group has raised approximately $102 million, which the company details will be used for ‘general corporate purposes’.
“The successful sale of these legacy non-core investments is another step in our efforts to focus on our strategic business objectives,” said Brian Kyle, Chief Financial Officer of The Stars Group.
“The proceeds from our recent divestiture efforts provide us with additional financial capacity and flexibility to continue to execute on our organic and external growth initiatives.”