TORONTO - The Canadian owner of PokerStars is joining forces with Fox Sports in a US$236-million deal to launch Fox Bet, a sports wagering partnership in the United States. The Stars Group Inc. and the unit of Fox Corp. say they expect to launch two products this fall. The Canadian owner of PokerStars is joining forces with Fox Sports in a US$236-million deal to launch Fox Bet, a sports wagering partnership in the United States. Fox Corp. will acquire 14.3 million newly issued common shares of the Stars Group, equalling nearly five per cent of the outstanding shares, at US$16.44 per share. The Stars Group says it plans to use the US$236-million net proceeds to prepay outstanding debt and for general corporate purposes.

Source: thestar May 08, 2019 22:07 UTC