GGB is committed to providing updated news and analysis on our weekly news site,

Baazov Sells Amaya Shares Worth $99 Million

Company adds poison pill to prevent purchase by Amaya Gaming ex-CEO

Baazov Sells Amaya Shares Worth $99 Million

Amaya founder and former CEO David Baazov has sold about $99 million in Amaya’s shares, representing about 30 percent of his former stake in the company.

Baazov announced the sale of about 7 million shares of Amaya for C$19 apiece for a total consideration of C$133 million (US $99 million), according to a report on The shares are about 4.8 percent of the company’s outstanding common shares and about 30 percent of Baazov’s holdings in Amaya. Baazov still controls roughly 17.6 million Amaya shares, equal to 12.1 percent of the company, the website said.

The sale comes after Amaya announced a refinancing of its long-term debt. Officials said they expect the refinancing will save it around $15.4 million in annual interest expense.

The credit agreement waives the company’s required 2016 and 2017 excess cash flow repayments. This will free up around $48 million that Amaya will use for its remaining deferred payments to Isai and Mark Scheinberg, from whom Amaya purchased PokerStars in June 2014.

The refinancing included a requirement that the debt would become payable ahead of schedule if “a certain current shareholder” (presumably Baazov) made further attempts to acquire the company.

“At the request of certain lenders,” Amaya’s board said in a press release, “the amendment also modifies the change of control provision to remove the ability of a certain current shareholder to directly or indirectly acquire control of Amaya without triggering an event of default and potential acceleration of the repayment of the debt under the credit agreement for the first-lien term loans.”

Baazov has made previous attempts to acquire the company.

    Recent Feature Articles

  • Your Friend, Everi

    The supplier’s quest to raise all tides and all boats.

  • Gambling on the Mediterranean

    There are more gaming options in the region than expected, but things are about to change with massive projects planned for Greece and the Emirates

  • Threat or Opportunity?

    Gaming in the metaverse will look different than today’s gaming, but will it add value to the existing gaming companies, attract more players and pass regulatory scrutiny?

  • A Force in Sports Betting

    The third annual Bet Bash was designed by founder Gadoon “Spanky” Kyrollos to make gamblers better at wagering on sports

  • Problem Gambling Treatments Gain Ground

    Problem gambling wasn’t classified as a psychiatric disorder until 1980, but treatments are evolving and becoming more effective