Amaya complete spin off of Diamond Game

Amaya Gaming Group’s newly formed spin-off Innova Gaming Group Inc. successfully completed an initial public offering (IPO) and a secondary offering of its common shares to begin trading on the Toronto Stock Exchange this week.

Immediately prior to the completion of Innova’s I.P.O., the entity acquired all of the shares of Diamond Game Enterprises (DGE), a subsidiary of Amaya, for a consideration paid in shares.

The spin off of DGE follows Amaya’s announced intention to divest its B2B assets towards repayment of debt and/or the buy back and cancellation of common shares .

Innova’s IPO raised gross proceeds of Cdn$150 million of which Cdn$34.1 million goes to Amaya.

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