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Amaya Gaming Buys $1 Million Stake in Irish Online Gaming Firm
Montreal based Amaya Gaming recently spent $1 million purchasing 5 per cent of the Irish online gambling software firm Cryptologic.
Cryptologic was originally founded in Canada, where it continues to operate in some capacity, and where its primary listing remains on the Toronto stock exchange. In 2007, the company relocated its corporate headquarters overseas after US online gaming restrictions motivated the firm to shift its focus to the European market.
Last month, Cryptologic announced it would begin evaluating its financial options after experiencing two consecutive years of shrinking revenues. At the time, it was noted this could include the possible sale of Cryptologic to another group. Though Amaya has not yet stated its intentions in this respect, Amaya's chief executive David Baazov explained Amaya made the buy in order to lay the foundations for a “possible strategic transaction” with Cryptologic, and that Amaya would continue to buy shares while also keeping a close eye on Crytologic's business and financial performance.
“Depending upon these factors, market conditions and other factors, and the status of its alternative discussions, Amaya may acquire or dispose of common shares as it deems appropriate,” added Baazov.
[Source: The Irish Times]
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