Baazov sells C$133m in Amaya shares

David Baazov, former chief executive of Amaya, has sold seven million common shares in the company for C$133 million (€93.6 million/US$98.6 million).

The sale reduces Baazov’s overall stake in the firm he founded to approximately 17.6 million common shares, which represents 12.1% of Amaya’s issued and outstanding common stock.

Late last year, Baazov launched a bid to buy PokerStars’ parent company in a deal valued at around US$4.1 billion, but later withdrew the offer.

Baazov served as chief executive until March last year, when he stepped down after being charged with multiple counts of illegal insider trading, including stock manipulation, by the Autorité des marchés financiers, Quebec’s securities regulator, in connection with Amaya's $4.9 billion acquisition of Rational Group.

Meanwhile, Amaya has confirmed that it has repriced and retranched its US dollar and Euro denominated first lien term loans and amended the applicable credit agreement.

In a statement outlining the repricing, Amaya said that it will save approximately 13%, or $15.4 million, of interest expense on the loans annually.

Kimberly Fitzgerald, vice-president, finance and capital markets at Amaya, said: “The successful completion of this transaction underscores the strength of our current business and operations, as well as the continued support of our existing lenders and interest of new lenders

“The transaction will help reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation.”

Related article: Baazov withdraws Amaya bid