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PokerStars Sold to Amaya for 4.9 Billion

Amaya Gaming Group (TSX:AYA) has agreed to buy PokerStars for 4.9 billion USD. This is kind of like a small company such as Dr Pepper Snapple Group agreeing to buy a much larger company like Coca-Cola.

Here is the press release on the transaction:

Obviously one of the key reasons for this sale is the U.S. market. This change of ownership should make it easier for the PokerStars brand to enter key states like California as the U.S. catches up with the rest of the world in regulating online poker. Here is a quote on this logic from the press release:

Amaya believes the Transaction will expedite the entry of PokerStars and Full Tilt Poker in to regulated markets in which Amaya already holds a footprint, particularly the U.S.A.

The PPA is supportive of this transaction – they say it is a great development for poker players.