Online casino software firm Scientific Games officially confirmed that it had bought Las Vegas-based slot developer Bally Technologies for a fee of $5.1 billion.
As part of the deal, Scientific Games has also agreed to re-finance the debt of the troubled developer and Bally Technologies shareholders will be paid a cash price of $83.30 per share which is 38% higher than at the close of market on Thursday 31st July.
The deal will provide benefits for both parties with Bally Technologies allowing its existing debt to be re-financed and Scientific Games will now have an opportunity to enhance its portfolio of online gaming titles and lottery games. Scientific Games is the parent company of slot developer Williams Interactive that has already enjoyed a positive 2014 with the successful release of slots such as the 6 reel Raging Rhino slot and the Aztec-themed Montezuma slot.
Bally Technologies is a developer that has garnered a solid reputation over the years with an array of popular land-based slots releases having recently converted a number of its slots titles to the online platform such as the visually-stunning Wild Huskies slot and the Greek mythology-themed Cupid and Psyche slot.
Scientific Games President and CEO Gavin Isaacs stated “The acquisition of Bally provides us with a unique opportunity to combine two exceptional companies with long track records of creating leading-edge games and gaming technology products for players and delivering innovative solutions to our customers.”
Isaacs added “With leading gaming, lottery, and interactive content, world-class systems capabilities and table game offerings, we believe that the combined company will be uniquely positioned as a strategic partner for gaming and lottery operators, offering a highly diversified suite of value-enhancing products and services across multiple worldwide distribution channels and platforms.”
Bally Technologies CEO Richard Hadrill said “The combination with Scientific Games will benefit our customers and shareholders. Increased scale, geographic diversity and product development capabilities will create a new runway of growth opportunities through new products and a comprehensive portfolio of customer-focused solutions.”
Hadrill added “This transaction delivers immediate value to our shareholders, and the highest share price in our history. We look forward to working with our new colleagues at Scientific Games to execute a detailed integration plan to realize customer satisfaction and additional value.”