Amaya spinning off Diamond Game Enterprises subsidiary through Innova IPO

MONTREAL – PokerStars owner Amaya Inc. announced plans Thursday to spin off its Diamond Game Enterprises subsidiary through an initial public offering of a newly formed Innova Gaming Group.

Innova will hold all the shares of Diamond Game, which designs and develops games, systems and tickets for the North American casino and lottery sectors.

The move follows Amaya’s (TSX:AYA) announced plans to explore strategic opportunities to divest its non-online gaming operations.

The offering is being made through a syndicate of underwriters led by Canaccord Genuity.

Amaya acquired Diamond Game Enterprises last year for US$25 million.

The Montreal-based company reports its fourth-quarter and 2014 results on Tuesday.