Australian slots manufacturer Ainsworth Game Technology (Ainsworth) has announced that it has secured a 100% binding agreement to acquire US Class II slot manufacturer Nova Technologies.
Set at a debt free basis, Ainsworth governance detailed that the deal was estimated at $38 million (£24 million). Clearing deal provisions and regulatory approvals Ainsworth governance will hope to conclude the deal by Q1 2016.
The acquisition sees Ainsworth enter the US Class II games production market. Class II manufacturing provisions are more commonly referred to as bingo/keno games as well as system development.
At Present Nova Technologies has over 30 Class II games titles placed across more than 1300 units in the US. The acquisition sees Ainsworth further its presence in the US market, which will expand to 2600 units once the deal is completed.
Danny Gladstone, CEO 0f Ainsworth, commented on the acquisition
“The transaction allows us to enter Class II gaming in an immediate and significant manner. This deal represents a complementary extension of available product to the direct benefit of Ainsworth’s current customer base across the Americas,”
This acquisition is earnings accretive from day one. For these reasons, it makes both great strategic and financial sense for Ainsworth.”