The Stars Group reveals sale of interest in the Innova Gambing Group

The Stars Group (TSG) has revealed that in August this year it divested itself of its 40.45 percent shareholding in the Innova Gaming Group for $16.1 million.

The disclosure follows similar sell offs of shares in NYX Gaming and Jackpot Joy recently (see previous reports) which have added around $26.3 million to TSG’s cash holdings.

Discussing the sell-offs, TSG chief financial officer Brian Kyle said the divestment completes a strategy to sell-off non-core assets  in order to free up capital for use in general corporate initiatives.

“The successful sale of these legacy non-core investments is another step in our efforts to focus on our strategic business objectives,” said Kyle. “The proceeds from our recent divestiture efforts provide us with additional financial capacity and flexibility to continue to execute on our organic and external growth initiatives.”

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