Stars Group share offering to generate $622m ahead of Sky acquisition

The Stars Group is set to raise around $622m towards the $4.7bn acquisition of Sky Betting and Gaming through an underwritten public offering of common shares at $38 per share.

The underwriters are to purchase 17,000,000 common shares from the company and another 8,000,000 from certain shareholders.

Net proceeds, after underwriting discounts and commissions, but before estimated expenses of the offering payable by the company, are expected to be approximately $622m.

The offering is expected to close on June 26.

The Stars Group intends to use the net proceeds, together with debt financing and cash, to fund the acquisition of Sky Betting and Gaming.