Amaya: former PokerStars owners will relax schedule for final $197-million owed

Amaya Inc. (TSX:AYA) says it has reached agreements

Amaya: former PokerStars owners will relax schedule for final $197-million owed

MONTREAL — Amaya Inc. (TSX:AYA) says it has reached agreements that will allow it to avoid issuing shares to pay the final $197.7 million owed for its 2014 purchase of the PokerStars online gaming business.

The Montreal-based company says the former owners of PokerStars have waived their right to require Amaya to issue stock in order to raise cash for a payment, which was due by Feb. 1.

In return for getting a relaxed payment deadline, Amaya has agreed to pay three months of late-payment fees in advance as well as the remaining balance outstanding in stages over the coming months.

Amaya — which has a stock market value of about C$2.8 billion based on its recent stock price — acquired PokerStars and other consumer online gaming businesses by purchasing the Rational Group for US$4.9 billion cash.

That deal included about US$400 million in deferred payments, later reduced by a US$200-million payment in November.

The Amaya board of directors had attempted a merger with British betting company William Hill PLC but said in October that it would remain an independent company and find a “non-dilutive” way to pay the remaining cash owed for PokerStars.

“Based on our operations and performance in 2016, we are confident in our ability to repay the balance of the deferred purchase price in a timely manner,” Amaya chief executive Rafi Ashkenazi said in a release Monday.

In December, Amaya founder David Baazov pulled out of discussions about taking the company private with financial support from Hong Kong investors.

Just Posted

Mothers Against Drunk Driving hold candlelight vigil

Four-and-a-half years ago Marilyn Rinas’ husband was killed in a collision with… Continue reading

Thousands expected at memorial for fallen police officer in Abbotsford, B.C.

ABBOTSFORD, B.C. — The streets of Abbotsford, B.C., will be lined with… Continue reading

One person dead, five others injured in early-morning crash in Kingston, Ont.

KINGSTON, Ont. — A man who was checking the damage on his… Continue reading

Gus is a special, collaborative art exhibit inspired by motherhood

The portrait display by mother and son is showing in Red Deer

Robotics challenge sparks student interest in Red Deer

Student-built robots compete in fun challenge

Chicken crosses B.C. road, stops traffic

Rooster makes early morning commuters wait in Maple Ridge

Red Deerian honours her brother who died in a motorcycle collision

Houaida Haddad is encouraging Red Deer residents to donate blood

Red Deer County firefighters to be recognized for Waterton help

RCMP brass will give formal recognition Monday

Ron James tries to lighten humanity’s load through humour

The comedian returns to Red Deer for shows Dec. 1 and 2

100+ Women Red Deer donate to Christmas Bureau

About $14,000 will help with Christmas hampers and toys

Semi collides with vehicle on Highway 2 north of Ponoka

Members of the Ponoka Integrated Traffic Unit dealt with a call on Highway 2 north of Ponoka

After 70 years, Red Deer veteran still remembers his traumatic war experience

Frank Krepps feels lucky to have survived the Second World War

Merritt Mountie charged with assault

Charges are in relation to an incident in May at the detachment, B.C. Prosecution Service said

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month