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

Huge RV resort proposed for Buffalo Lake

Some residents feel 800-lot RV resort too big for area

Updated: Red Deer gets WHL Bantam Draft and Awards Banquet

WHL will holds its draft and awards ceremony in Red Deer for next three years

Land wanted for Central Alberta Foodgrains project

23rd year for Lacombe area charity

Stolen vehicle found thanks to tip from motorist

Charges laid against Red Deer man and Leduc County woman

Updated: Red Deer gets WHL Bantam Draft and Awards Banquet

WHL will holds its draft and awards ceremony in Red Deer for next three years

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Red Deer blood clinic in need of 600 donors

Aunt encourages Central Albertans to donate blood after losing nephew

Court considers banning diesel cars in German cities

BERLIN — A German court began considering Thursday whether authorities should ban… Continue reading

US women beat Canada in Olympic hockey; Gisin tops Shiffrin

PYEONGCHANG, Korea, Republic Of — A tense shootout, a dazzling deke and… Continue reading

Trudeau: Invitation should not have gone to Sikh extremist

NEW DELHI — A man who was convicted of trying to assassinate… Continue reading

Greyhound cleared to end routes in northern B.C., Vancouver Island

Company says nine routes have dropped 30% in ridership in last five years

Evangelist Billy Graham, who reached millions, dies at 99

MONTREAT, N.C. — The Rev. Billy Graham, who transformed American religious life… Continue reading

Amid a flood of plastic, big companies see opportunity

LONDON — Public awareness of the problem of plastic waste is swelling… Continue reading

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