TORONTO, Dec. 4, 2017 /PRNewswire/ - The Stars Group Inc. (Nasdaq: TSG; TSX: TSGI) today announced that it has completed the sale of its ordinary shares of Jackpotjoy plc (LSE: JPJ), representing approximately 7.5% of Jackpotjoy's then issued and outstanding ordinary shares, for net cash proceeds of $59.5 million. This sale follows The Stars Group's November 2017 sale of its securities of NYX Gaming Group Limited (TSXV: NYX) and a subsidiary thereof, representing approximately 13.7% of NYX Gaming Group's ordinary shares on a partially diluted basis, for net cash proceeds of $26.3 million, and its August 2017 sale of its approximately 40.45% ownership interest in Innova Gaming Group Inc. for net cash proceeds of $16.1 million. Unless otherwise noted, all dollar ($) amounts are in U.S. dollars.
These sales mark the completion of The Stars Group's divestiture of its legacy non-core gaming investments for total net cash proceeds this year of approximately $102 million. The Stars Group intends to use these proceeds 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."
About The Stars Group
The Stars Group is a leading provider of technology-based products and services in the global gaming and interactive entertainment industries. Through its Stars Interactive Group division, The Stars Group ultimately owns gaming and related consumer businesses and brands, including PokerStars, PokerStars Casino, BetStars, Full Tilt, StarsDraft, and the PokerStars Championship, PokerStars Festival and PokerStars Megastack live poker tour brands (incorporating aspects of the European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour and the Asia Pacific Poker Tour). These brands together have more than 115 million registered customers globally and collectively form the largest poker business in the world, comprising online poker games and tournaments, sponsored live poker competitions, marketing arrangements for branded poker rooms in popular casinos in major cities around the world, and poker programming and content created for television and online audiences. The Stars Group, through certain of these brands, also offers non-poker gaming products, including casino, sportsbook and daily fantasy sports. The Stars Group, through certain of its subsidiaries, is licensed or approved to offer, or offers under third party licenses or approvals, its products and services in various jurisdictions throughout the world, including in Europe, both within and outside of the European Union, the Americas and elsewhere. In particular, PokerStars is the world's most licensed online gaming brand, holding licenses or related operating approvals in 17 jurisdictions.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws, including, without limitation, as it relates to The Stars Group's intention with respect to the proceeds from the sale of certain of its investments. Forward-looking statements and information can, but may not always, be identified by the use of words such as "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "would", "should", "believe", "objective", "ongoing", "imply" and similar references to future periods or the negatives of these words and expressions. These statements and information, other than statements of historical fact, are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies, projections, technological developments, anticipated events and trends and regulatory changes that affect us, our subsidiaries, and our and their customers and industries. Although The Stars Group and management believe the expectations reflected in such forward-looking statements and information are reasonable and are based on reasonable assumptions and estimates as of the date hereof, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations will prove accurate. Forward-looking statements and information are inherently subject to significant business, regulatory, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Specific risks and uncertainties include, but are not limited to, those identified in The Stars Group's Annual Information Form for the year ended December 31, 2016, including under the heading "Risk Factors and Uncertainties", and in The Stars Group's management's discussion and analysis for the three and nine months ended September 30, 2017, including under the headings "Risk Factors and Uncertainties", "Limitations of Key Metrics and Other Data" and "Key Metrics", each available on SEDAR at www.sedar.com, EDGAR at www.sec.gov and The Stars Group's website at www.starsgroup.com, and in other filings that The Stars Group has made and may make with applicable securities authorities in the future. Investors are cautioned not to put undue reliance on forward-looking statements or information. Any forward-looking statement or information speaks only as of the date hereof, and The Stars Group undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE The Stars Group Inc.