On August 1st Amaya Gaming Group announced the finalization of the purchase of the Oldford Group Limited, the parent company of the Isle of Man based Rational Group Ltd. the owner and operator of PokerStars and Full Tilt Poker, according to a press release published by Amaya.
The agreed upon purchase price for the biggest poker site in the world comes in at a reported $4.9 billion, all in cash.
The chairman and CEO of Amaya, David Baazov, said, "We are extremely pleased to have completed this Acquisition. Through PokerStars, Full Tilt and its multiple live poker tours and events, Rational's brands comprise the world's largest poker business, generating diversified and recurring revenues across the globe from its extremely loyal customer base.
Rational's success is attributable to the company's core values of integrity, customer focus, and challenge. These values are ingrained in the DNA of the company's staff located across the globe, led by Rational's deep, experienced executive and leadership teams. We intend for Rational to maintain this culture and will support its initiatives to continue growing this world class business.”
The father-son duo of Mark and Isai Scheinberg will depart after this transaction, this to to cut all ties with the past. In the past PokerStars was indicted by the DOJ after Black Friday and any hopes of being let back into the United States seemed to be coincide with getting rid of the Scheinberg family.
Under the new umbrella of Amaya new opportunities have risen for the biggest poker site in the world and it will be exciting to follow their steps towards acceptance into US states with legalized online gaming.