Toronto-listed betting and gaming operator The Stars Group has begun executing on its integration plans after the UK Competition & Markets Authority (CMA) approved its acquisition of Sky Betting & Gaming.
The CMA investigated and cleared the acquisition as part of a Phase 1 review under the Enterprise Act 2002.
Following CMA clearance and effective immediately, The Stars Group has made a number of new management appointments to senior roles within the Sky Betting & Gaming (SBG) business to execute its integration plans, including the delivery of expected cost synergies.
Long-serving SBG chief executive Richard Flint has been appointed as executive chairman of SBG, with chief financial officer Ian Proctor taking over as CEO of the SBG business, and Conor Grant appointed chief operating officer. Grant was previously director of SBG’s gaming brands, including Sky Vegas, Sky Casino, Sky Bingo and Sky Poker.
"I am delighted to announce SBG's new senior management structure," said Ashkenazi. "We believe these appointments position us well to deliver our strategy to become the world's favorite iGaming destination.”
Flint commented: "I am looking forward to helping shape the next chapter of growth for SBG as part of The Stars Group. I am confident that the new management structure, which includes an operational board for SBG, will allow us to maintain our unique culture that has delivered success over the years and continue delivering market share gains in the UK online betting and gaming market, building on our position as the UK's most popular online betting brand."
The Stars Group has also announced two further senior appointments, with Andy Burton named senior vice president, Global Sports Platform, and Vaughan Lewis as group director of investor relations and corporate communications.
Burton previously served as chief technology officer of SBG and will lead the development of the international sports betting platform for The Stars Group, which will look to combine the capabilities of Sky Bet and BetStars.
Lewis previously served as director of corporate development for SBG, having joined the company in April of last year after thirteen years as an analyst for Morgan Stanley.
Shares in The Stars Group Inc (TSX:TSGI) closed up 3.31 per cent at CAD$29.94 per share in Toronto Thursday.