Online Gambling's Baazov Reveals Amaya Purchase Plan

Published Wednesday, February 10, 2016 - Online-Casinos.com
Online Gambling's Baazov Reveals Amaya Purchase Plan

Amaya Gaming Group is on a roll and is taking full advantage of its position as one of the most successful online gambling firms in the world. Amaya owns the largest online poker room in the world, PokerStars and Full Tilt Poker which were both acquired by Amaya Gaming in a 2014 purchase worth an approximate $4.9 billion in cash.

David Baazov, President, Chief Executive Officer and Chairman of Amaya Gaming Group went from poverty and problems to being a very rich young man.  PokerStars and Full Tilt Poker, have a combined registered user base of 93 million people. The company Baazov founded in 2005 is now the largest publicly-traded online gaming company in the world. It’s worth $10 billion dollars, or roughly a quarter of the online poker gambling industry as a whole. Baazov`s personal net worth is estimated at around $800 million.

It was revealed recently that Mr. Baazov is planning on buying Amaya Gaming with the help of other investors. Baazov is now wanting to take the online business private in an all-cash $2.8-billion deal. Along with a group of investors, with whom he is “in discussions,” he plans to make a takeover offer for the total shares of the company at $21 per share, for a total valuation of about $2.8-billion. The CEO and founder owns approximately 18.6% of the total issued and outstanding common shares in the company. It was also explained in the statement that, “There is no certainty that the proposed transaction will proceed or be consummated.”

Speculation has been confirmed by the company with a statement concerning the bid noting, “ the executive vice-president, corporate development and general counsel, along with three other employees, may be participating in Mr Baazov's potential transaction proposal”.  Amaya also confirmed that the board of directors has created a special committee to address any potential takeover bid, while Barclays Capital Canada has been appointed as financial advisor for the possible move.

 

 

 

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