In the late hours on Thursday June 12, Amaya Gaming publicly announced that they would agree to terms to buy-out 100% of Oldford Group’s Rational Group, which includes PokerStars and Full Tilt Poker (including issued and outstanding shares) for $4.9 billion.
As part of the deal, PokerStars CEO Mark Scheinberg and Isai Scheinberg will no longer be associated with the company.
The structure of global poker as we know it will surely be altered thanks to this major acquisition.
Major Details about the Acquisition
Amaya will become world’s largest publicly traded online gaming company, according to the press release (Amaya + Oldford pro forma revenue of $1.3 billion combined in 2013)
Amaya and Rational will combine as complimentary businesses
Rational Group will keep all executive management pieces the same, but all shareholders (Rational and Oldford Groups) must relinquish all shares to Amaya
Amaya CEO David Baazov, clearly excited about the aquistion, had kind words for Oldford Group CEO and Founder Mark Scheinberg: “[He] pioneered the online gaming industry, building a remarkable business and earning the trust of millions of poker players by delivering the industry’s best game experiences…”
Scheinberg responded to these comments by reminiscing on the success his company brought: “I am incredibly proud of the business… creating the world’s biggest poker company and a leader in the iGaming space.”
Scheinberg also expressed his best wishes to the company as well as saying that the company is in good hands with a CEO like Baazov at the helm.
Additionally, Executive Director of the Poker Player’s Alliance John Pappas called the acquisition encouraging news for American iGamer’s who have been eagerly anticipating the return of PokerStars to the US Market. He also believes the move will unite many parties of the industry together (tribes, casinos, card rooms, etc.).
New Jersey Online Poker
The impact of the move will surely create a wide-open opportunity for New Jersey Online Poker to make strides in the iGaming industry. Complications with DGE requirements in New Jersey hindered the growth for the Oldford Group’s PokerStars campaign to be at its best. With new ownership, the sky it the limit for PokerStars in New Jersey and rest of the U.S. markets as they open up.
More Info to Come
Amaya Gaming is soon to come out with more details as they finished a conference call early in the morning on June 13.
You can also monitor updates from NJPokerOnline, which will be providing breaking news and updates on these developments.