PointsBet Sells Nearly 13% Stake to SIG Sports in $65.5M Transaction – Agora Poker

PointsBet Sells Nearly 13% Stake to SIG Sports in $65.5M Transaction

PointsBet Sells Nearly 13% Stake to SIG Sports in $65.5M Transaction

Australian-based PointsBet announced on Monday (Sunday night US time) that it received a substantial investment from a division of Susquehanna International Group (SIG) of Companies that will make the US company the largest shareholder in the sportsbook. A PointsBet sign at the PointsBet Sports Bar, located at the Little Caesars Arena in Detroit. On Sunday night (US time), PointsBet announced SIG Sports Investments, a division of Susquehanna International Group would acquire a nearly 13% stake in the sports betting operator, making it the largest shareholder in the company. (Image: PointsBet Sports Bar) The AUD 94.2 million (USD 65.5 million) deal gives SIG Sports Investments Corporation (SIG Sports) nearly 38.8 million shares of PointsBet stock. That equates to a 12.8% ownership stake in the company. The AUD 2.43 (USD 1.69) per share price works out to a roughly 15% premium over PointsBet’s five-day volume weighted average price.

PointsBet’s board will not change as a result of the move, according to the company’s announcement.

Brett Paton, PointsBet’s chairman, called SIG Sports “a visionary investor” in a statement and noted SIG’s qualifications in analytical trading in financial markets.

“The cultural alignment between both organizations is strong, and this investment will assist with expanding and growing our North American operations as we seek to lead in in-play betting and enhancing the overall customer experience,” Paton said.

The stake acquisition by SIG Sports comes a week after news reports indicated PointsBet rebuffed an offer of AUD 220 million (USD 153.1 million) by NewsCorp and Australian bookmaker Matthew Tripp for the company’s Australian operations.

PointsBet also has been previously tied to rumors that online retailer Fanatics would buy it as the company’s entry into sports betting. SIG Sought the ‘Right Partner’

SIG is a privately held global trading firm. It has taken its approach to the financial markets and established subsidiaries where its analytical modeling approach can also be used. That includes sports betting, where the company provides liquidity in legal markets.

Co-Founder and Managing Director Jeff Yass said in a statement that the Pennsylvania-based firm spent years researching the North American market for the “right partner” in sports betting. […]

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Author: wpadmin

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