NEWS
11/25/2016 05:58 EST | Updated 11/26/2017 00:12 EST

Baazov filing says US$3.45 billion still lined up to take Amaya private

MONTREAL — The founder and former chief executive of online gaming firm Amaya Inc. says he still has US$3.45 billion in committed financing from a pair of Hong-Kong-based investors lined up to buy the company.

That's US$200 million less than the original financing plan announced last week following a revelation that one of the firms David Baazov had said was backing his proposed takeover has no plans to do so.

Baazov, who is leading a group that has offered C$24 per share for the company, made a new filing with U.S. regulators on Friday that removed KBC Aldini Capital of Dubai from a list of four committed financial backers. Ferdyne Advisory Inc. was also dropped from the new list, without explanation.

The filing says Hong Kong-based Head & Shoulders Global Investment Fund and Hong Kong-based Goldenway Capital have signed amended binding commitment letters worth a total of US$3.45 billion.

The regulatory filing doesn't disclose how much money will be provided by each of the investors.

Baazov's filing with the U.S. Securities and Exchange Commission on Friday also concedes that a letter purported to be delivered to the acquiring group on behalf of KBC Aldini was delivered without KBC's knowledge or consent.

The filing followed a public statement by Baazov on Wednesday that acknowledged KBC hadn't committed to the financing, but that he still intended to acquire Amaya on the terms disclosed on Nov. 14.

Baazov already owns a 17.2 per cent stake in Amaya (TSX:AYA).

 

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