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Amaya Gaming finalises USD25m buy of Diamond Game Enterprises.

MANews-(C)2009-2014

14 February 2014 - Canadian gaming products and services provider Amaya Gaming Group Inc (TSE:AYA) said today it had closed its takeover of US sector player Diamond Game Enterprises for USD25m (EUR18.2m).

Amaya mentioned it had paid USD18m on completion of the transaction using its existing cash resources. The balance of USD7m represents holdback for certain contingent liabilities and other items.

The buyer's plan includes the integration of games from its own library into Diamond Game's lottery technology, CEO David Baazov said. The company will also use the US firm's domestic lottery relationships to potentially expand deployment of Amaya's gaming solutions. The transaction is expected to immediately build on adjusted EBITDA, he added.

With headquarters in Los Angeles, California, Diamond Game designs, produces and services games and gaming systems. The company's casino division develops products for the VLT, Class II bingo, Class III commercial casino and racetrack markets. At the same time, its lottery segment supplies products for the public gaming and charity markets, including the company's LT-3 instant ticket vending machine (ITVM).

In 2012, Diamond Game registered revenues of about USD17.8m and adjusted EBITDA of around USD3.9m. The company has approximately 2,000 machines in 100 sites across ten jurisdictions.

Country: USA

Sector: Leisure/Arts

Target: Diamond Game Enterprises

Buyer: Amaya Gaming Group Inc

Deal size in USD: 25m

Type: Corporate acquisition

Financing: Existing resources, Cash

Status: Closed

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Publication:M & A Navigator
Date:Feb 14, 2014
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