July 31 2012, PokerNews Staff

After months of negotiations with the U.S. Department of Justice, PokerStars has completed the purchase of Full Tilt Poker.

According to diamondflushpoker.com, the U.S. Attorney’s office has approved a deal allowing Full Tilt Poker to forfeit all of its assets to PokerStars. In return, PokerStars will forfeit $547 million to the U.S. government over the next three years. Once the transfer of assets is finalized, PokerStars will make available for immediate cash withdrawal or play the account balances for all of FTP’s non-U.S. players within 90 days.

The total amount of the deal worth $731 million, of which $330 million will go towards the repayment of Full Tilt Poker’s players.

We’ll have more on this story as it develops. For news, updates, and more follow PokerNews on Twitter and Facebook.

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