Back in May, Amaya Gaming announced the company would be rebranded in the future to be known as The Stars Group. Amaya is the parent company of The Rational Group and owns online gambling brands PokerStars and BetStars. The goal of the rebrand is to reflect the success of PokerStars as well as the growth of the BetStars brand. It was announced this week that the planned rebranding is complete with the headquarters relocated to Toronto from Montreal and a new corporate logo and website launch.
Approvals have been given by regulators for the company to change their brand and start trading within the Global Select Market under the ticker symbol “TGS” and under “TSGI” within the Toronto Stock Exchange.
It is believed that the changes by Amaya to become The Stars Group was done to distance the company from its past involving David Baazov. The businessman founded Amaya Gaming and held executive positions within the company for many years. He is under investigation now for insider trading allegations that stem from the $4.9 billion deal involving the acquisition of The Rational Group in 2014.
A few months ago, Baazov stated he wanted to try and purchase Amaya and make the company private. However, these plans were soon shelved as he was told about the investigation by Quebec’s securities regulator Autorité des marchés financiers. It seems that Amaya wants to step away from any association with Baazov as they try to see continued success with PokerStars and BetStars brands.
The rebranding phase and the relocation of the headquarters of Amaya to The Stars Group comes at the same time as Hao Tang, a Hong Kong businessman is increasing his stake within the company. Tang currently has more than 15% stake of the company after starting to acquire shares in March of this year. Back in July, Tang spend C$88.9 million to acquire 4,000,000 shares in the company.