Canadian gaming group Amaya Gaming have reportedly agreed a deal with the Oldford Group Limited to secure their holding company The Rational Group, parent company of PokerStars, in a deal that is believed to be worth in the region of $5 billion.
Amaya will acquire all 100% of The Rational Group's shares, in a deal that has been reported to have already been agreed, and a deal that will be completed in cash, though some payments will be differed with other payments being subject to certain adjustments and conditions.
Amaya Gaming's Chief Executive Officer is David Baazov and he had this to say this morning regarding the $5 billion deal. He said, “This is a transformative acquisition for Amaya, strengthening our core business-to-business operations with a consumer online powerhouse that creates a scalable global platform for growth.”
He went on to add, “Mark Scheinberg pioneered the online poker industry, building a remarkable business and earning the trust of millions of poker players by delivering the industry’s best game experiences, customer service and online security. Working with the experienced executive team at Rational Group, Amaya will continue that tradition of excellence and accelerate growth into new markets and verticals.”
As part of the deal Mark Scheinberg, Chief Executive at PokerStars and shareholder at The Oldford Group, has resigned from his positions at The Oldford Group and subsidiary company's, which will allow Amaya to potentially return poker to the US market with the state of Jew Jersey being a prime target as they already have casino deals in place with a number of licensed operators.
In response to the statement from David Baazov Mark Scheinberg said, “Our achievements and this transaction are an affirmation of the hard work, expertise and dedication of our staff, which I am confident will continue to drive the company’s success. The values and integrity which have shaped this company are deeply ingrained in its DNA. David Baazov has a strong vision for the future of the Rational Group which will lead the company to new heights.”