Amaya-PokerStars deal passes regulatory hurdle
Toronto Stock Exchange also gives conditional green light to deal which will see Amaya become the world's biggest publically-listed gaming company
Amaya Gaming has been given regulatory approval for its US$4.9bn acquisition of the Rational Group from the regulator in each jurisdiction that PokerStars and Full Tilt operate, as well as the Toronto Stock Exchange (TSX).
The approvals are likely to boost PokerStars’ chances of receiving a licence in the US, with the New Jersey regulator saying the online poker giant could be up and running in the state as early as autumn with land-based partner Resorts Casino.
The Canada-based company also revealed that the transaction and the listing of Amaya common shares issuable in relation to its takeover of the Rational Group has received conditional approval from the Toronto Stock Exchange.
The announcement comes after French regulator ARJEL agreed that PokerStars’ licence to operate in the country should remain intact following Amaya’s takeover.
The news is a boost to Amaya’s plans to complete the acquisition before 16 September 2014 so it can submit its UK license application ahead of regulatory changes, which stipulate that any firm offering remote gambling services in the UK must have a UK license.
Completion of the takeover still remains subject to approval of certain financial aspects of the planned acquisition, which will be discussed by Amaya’s shareholders at a special meeting tomorrow. The company said it plans to move “expeditiously” towards completion once the terms had been agreed.
Amaya has already kicked off its relationship with the Rational Group after striking a deal to provide Full Tilt’s recently launched casino with a catalogue of games.