Friday March 27,2015 : AMAYA TO SPIN OFF LOTTERY AND GAMES SUBSIDIARY
Following an IPO, the new Innova Gaming will hold Diamond Game Enterprises.
The Montreal-based online gambling group Amaya Gaming has announced that it is to spin off its Diamond Game Enterprises subsidiary through an initial public offering of the newly formed Innova Gaming Group.
Amaya acquired Diamond Game Enterprises last year for US$25 million, a company which designs, develops, produces, markets and services games, systems and tickets for the North American gaming industry, predominantly for the business to government (B2G) lottery sector.
The Innova offering is being made through a syndicate of underwriters led by Canaccord Genuity, and the new company will hold all the shares of Diamond Game as part of Amaya's strategy to divest its non-online gaming operations.
The Offering contemplates a treasury offering of common shares by Innova and a secondary offering of common shares by Amaya, which will receive the net proceeds for the common shares sold by it under the Offering. The preliminary prospectus is still subject to completion or amendment.