Canadian online gambling company The Stars Group has announced that it has agreed to acquire Sky Betting and Gaming (SBG) from CVC Capital Partners (CVC), the private equity group, and Sky plc in a cash and stock transaction valued at an amount of $4.7 billion,

News of the purchase followed the assumption that the English Football League sponsor would be floated later this year.

It is believed that the purchase of Sky Betting and Gaming will create the world’s largest publicly listed online gaming company.

It is expected that the deal between the parties will be completed in the third quarter of this year.

Rafi Ashkenazi, the Chief Executive Officer at the Stars Group, commented that the acquisition of Sky Betting and Gaming is a landmark moment in the Stars Group’s history.  He added that Sky Betting and Gaming operates one of the world’s fastest growing sportsbooks and is one of the United Kingdom’s leading gaming providers.

Ashkenazi went on to say that SBG’s premier sports betting product is the ideal complement to their industry-leading poker platform.  He also said that the deal would allow his firm to gain “scale and a highly rewarded global brand portfolio”.

According to the company, the acquisition will help the Stars Group to grow its exposure to sports betting, the fastest online gaming segment, and that it would also help grow its exposure to the UK, the largest regulated online gaming in the world, and cost savings of at least $70 million a year.