Pok­er­stars owner’s plan: Raise money for pur­chases

Las Vegas Review-Journal - - BUSINESS -

Pok­er­stars owner Stars Group Inc. is look­ing to raise up to $2.5 bil­lion to fund ac­qui­si­tions, Chief Ex­ec­u­tive Rafael Ashke­nazi said in an in­ter­view.

Ashke­nazi took over the reins of the on­line gam­ing and bet­ting com­pany last year fol­low­ing David Baa­zov’s de­par­ture af­ter be­ing charged with in­sider trad­ing.

Af­ter a name change to bet­ter align with its main­stay game Pok­er­stars and a man­age­ment reshuf­fle, Ashke­nazi is look­ing for ways to ex­pand the com­pany pre­vi­ously known as Amaya.

Stars Group has about $255 mil­lion of cash and re­duced its debt by $515 mil­lion in the past year, giv­ing it enough lever­age to turn ac­quis­i­tive.

Ashke­nazi said he is look­ing at buy­ing ei­ther one big com­pany or three to five small or medium com­pa­nies.

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