May 8, 2019 / 10:05 PM / 5 months ago

BUZZ-Stars Group: Jumps after Fox Corp to buy stake in company

** Shares of Canadian gaming company Stars Group up 20% at $21 in extended trading, while Fox Corp up ~7% at $39.74

** Fox Corp to acquire stake of about 5 percent in company at $16.44/shr

** TSG top pct gainer after hours

** TSG says intends to use proceeds of ~$236 mln for corporate purposes and outstanding debt

** TSG also signs commercial deal of up to 25 years with FOX Sports through which it will receive exclusive license to use some trademarks for a range of games and online sports wagering

** “We believe this strategic partnership uniquely positions us to build a leading betting business in the U.S.” - TSG CEO

** Prior to 10th anniversary of deal, FOX Sports has the right to acquire up to 50% equity stake in TSG’s U.S. business

** Until Wednesday’s close, TSG stock had fallen ~48% over the past year (Reporting by Tamara Mathias and Arundhati Sarkar in Bengaluru)

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