SYDNEY — PointsBet Holdings Ltd. shares have jumped after Susquehanna International Group LLP took a near 13% stake in the Australian betting-services company.
PointsBet on Monday said it raised 94.16 million Australian dollars (US$65.3 million) via a placement of 88.75 million shares to Susquehanna’s SIG Sports Investment Corp. Financial trading firm Susquehanna paid A$2.43 a share, compared with the stock’s A$2.15 valuation ahead of Monday’s open.
The stock was the benchmark S&P/ASX 200’s best-performing component in the first hour of trade. It was up 9.3% at A$2.35, having earlier hit A$2.48.
Susquehanna, which will have a 12.8% stake in PointsBet upon issuance, spent several years looking for a suitable partner in the North American sports-betting market, Susquehanna Managing Director Jeff Yass said.
“We believe PointsBet has great potential for future growth and success in the North American sports betting market,” Mr. Yass said, adding that Susquehanna’s investment is a long-term one.
PointsBet said that it isn’t making any board changes as a result of the placement.