Stars Group doubles down with purchase of Sky Betting

Canadian online-gambling company Stars Group Inc. says it is buying U.K.-based Sky Betting & Gaming in a deal worth $4.7 billion.

Stars Group, which owns PokerStars, said Saturday the purchase will create the biggest publicly listed online-gambling company and make it a bigger player in the fast-growing business of online sports betting.

Sky Betting is owned by CVC Capital Partners and Sky PLC. Its brands include Sky Bet, Oddschecker and fantasy-sports sites.

In February, Stars Group announced it was buying a controlling stake in Australia's CrownBet Holdings for $118 million.

Shares of Toronto-based Stars Group closed Friday at $29.30, giving the company a market value of nearly $4.2 billion. The shares have soared 26 percent in 2018 and 66 percent in the past 12 months.

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