November 25, 2016 / 1:32 PM / 2 years ago

Former Amaya CEO says Hong Kong investors to fund bid for firm

David Baazov, president and chief executive officer of gaming company Amaya Inc, looks on prior to their annual general meeting in Montreal, June 22, 2015. REUTERS/Christinne Muschi/File photo

TORONTO (Reuters) - David Baazov, the former chief executive of online gaming company Amaya Inc, disclosed new details on Friday of funding for his proposed offer to buy the Canadian firm, saying two Hong Kong-based investors had committed C$3.45 billion ($2.6 billion).

In filings to the U.S. Securities and Exchange Commission, Baazov confirmed that Head and Shoulders Global Investment Fund and Goldenway Capital, who were last week named as two of four backers for the deal, would provide the funding.

Baazov needed to refinance the deal after one of his previously announced investors, Dubai-based KBC Aldini Capital, denied it had ever agreed to be a backer.

Last week, Baazov, who owns about 17 percent of Amaya, offered C$24 per share to buy the rest of the company, the second time he has tried to take it private.

He confirmed that KBC Aldini Capital was not providing financing. Ferdyne Advisory, another of four original backers named by Baazov, was not named in the latest filing.

An offer made earlier this year failed to materialize after Baazov was charged with insider trading by Quebec’s securities regulator.

Reporting by Matt Scuffham; Editing by Bernadette Baum

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