Amaya Changes Corporate Name to The Stars Group
Amaya no longer goes by this name as it finalized its rebranding process, changing its corporate name to The Stars Group. Along with its successful rebranding is the relocation of its headquarters from Montreal to Toronto.
Many speculate that Amaya pushed through with this change to distance itself from its founder, David Baazov. Baazov became the focus of negative press after getting involved in the questionable $4.9 billion deal with the Rational Group.
Changing Amaya to The Stars Group
Being the parent company of PokerStars, Amaya is no stranger to the iGaming market. This online gaming company announced in May its plans to undergo a rebrand which would entail several changes. The Canadian iGaming giant not only changed its corporate name, but it also updated the look of its website, which now bears the new name and logo.
The recent Amaya rebranding, which a company representative called as the beginning of a new chapter, went through all the necessary paperwork. It received the approval from regulators and now uses the TSG ticker for the Global Select Market and TSGI ticker for the Toronto Stock Exchange.
Amid the change from Amaya to The Stars Group, the company remains a powerhouse in the market. It continues to manage PokerStars which is known for its large variety of poker games and tables. PokerStars also organizes events like the World Championship of Online Poker and Spring Championship of Online Poker.
Why did Amaya rebrand?
While there is no official statement from The Stars Group as to why they went through with rebranding the company, many speculated that Amaya is looking to clean its past with its founder, David Baazov. Baazov had an executive post with the Amaya Inc. for a long time. He is currently under investigation for a $4.9 billion acquisition deal for the Rational Group.
Baazov said he was planning on buying Amaya and turning it private last February. However, he had to cancel his plans due to the investigation.
What makes the rebranding plan interesting is its timing. A businessman from Hong Kong named Hao Tang has been buying more shares of the Amaya Inc. in recent days. According to Tang’s profile in Bloomberg, the businessman has a background in investment banking, mining enterprise management, and asset management.
As of this writing, Tang has more than 15-percent stake in The Stars Group. Tang currently owns four million shares at Amaya valued at C$88.9 million.
Another interesting fact to consider is how Tang is the owner of the Goldenway Capital. This is one of the financial backing companies of Baazov last year when he was trying to purchase Amaya. After Baazov sold his share in Amaya, Tang began buying company shares from the company. This shows that Goldenway Capital is still looking to buy Amaya even after the failed acquisition deal.