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Slot Games Online
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Amaya Gaming’s acquisition of PokerStars and Full Tilt
The story of how Canadian businessman David Baazov acquired the online poker giants PokerStars and Full Tilt is surely one that will, before too long, become the stuff of legend. A year ago, Baazov was the owner of a small Montreal based firm named Amaya Gaming – today however, that firm pretty much controls the world of online video poker.
The tale of how Amaya came to be in possession of these two institutions begins with a visit David made to the NY offices of the Blackstone Group early last year. The gist of the meeting he had with executives on that day was a seemingly insane scheme to shift Amaya Gaming stock (which at the time was trading at to Blackstone investors, and their many affiliates, for an ostensibly illogical $18 each; not to mention securities (convertible into stock) for $21 apiece, with the aim of taking up the multi-billion dollar asking price for Poker Stars.
Needless to say the meeting did not extend to its full potential capacity and Mr Baazov was presumably ejected a tad forcefully out of the building, underlined therein as an eccentric. Despite the knockback however, Amaya Gaming did not halt for a single second in achieving their objective. During the ensuing weeks and months, Baazov continued urging his case not only with the sites’ owners, but with Wall Street investment executives and bankers, until in August he finally bought out PS by selling some US$1.7million in Amaya stock at the $18 rate.
What is perhaps even more remarkable about this story is the fact that the Blackstone Group’s own credit division, GSO, wound up investing a billion dollars itself, in what was soon ousted as its largest-ever monetary pledge in one deal. It really is quite an astonishing story which has led to a very different landscape in online poker today.