Newspaper article The Canadian Press

Amaya: Former PokerStars Owners Will Relax Schedule for Final $197-Million Owed

Newspaper article The Canadian Press

Amaya: Former PokerStars Owners Will Relax Schedule for Final $197-Million Owed

Article excerpt

Amaya gets flexibility on PokerStars payment

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MONTREAL - Amaya Inc. (TSX:AYA) says it has reached agreements that will allow it to avoid issuing shares to pay the final $197.7 million owed for its 2014 purchase of the PokerStars online gaming business.

The Montreal-based company says the former owners of PokerStars have waived their right to require Amaya to issue stock in order to raise cash for a payment, which was due by Feb. 1.

In return for getting a relaxed payment deadline, Amaya has agreed to pay three months of late-payment fees in advance as well as the remaining balance outstanding in stages over the coming months.

Amaya -- which has a stock market value of about C$2.8 billion based on its recent stock price -- acquired PokerStars and other consumer online gaming businesses by purchasing the Rational Group for US$4. …

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