Amaya reaches settlement in Italian tax dispute

(PRESS RELEASE) -- Amaya Inc. on Wednesday said it has paid €5.9 million as a final settlement with Italian tax authorities to resolve a previously disclosed tax dispute in which Italian authorities estimated that approximately €85 million were owed by a subsidiary of Amaya related to its Italian operations under the PokerStars brand for the 2009 through 2014 tax years.

The agreement represents a final settlement of the matter and the payment includes all amounts owing to Italian authorities for the periods at issue. In addition, as part of the settlement the subsidiary does not owe any additional taxes for the 2014 tax year.

The entire settlement amount and related expenses have been paid from the escrow fund established under the merger agreement governing Amaya's acquisition of the PokerStars business.