Amaya Gaming Acquire Diamond Game

Montreal based Amaya Gaming continues its recent acquisition strategy by entering a definitive agreement to purchase North American gaming and system manufacturer Diamond Game Enterprises. The purchase of Diamond Game Enterprises is set to be purchased at $25 million for a 100% takeover of all operations.

This latest purchase by Amaya Gaming, see it continue its acquisition strategy undertaken by CEO – David Baazov in the last 18 months. Amaya Gaming Group purchased Ongame Network Limited from bwin.party digital entertainment in October for approximately $19.42 million while November it payed $167 million for slot and games manufacturer Cadillac Jack. April 2012 saw Baazov purchase igaming entertainment suppliers CryptoLogic Limited for approximately $29 million.

This continued acquisition strategy undertaken by David Baazov sees Amaya Gaming as solidify its position as an igaming service provider. The deal for Diamond Game Enterprise has been confirmed by Amaya as a cash purchase. Amaya has promised to spend a further $2.5 million investment in restructuring and improving Diamond Games systems and operational set-up.

Bazoov commented on the acquisition: “Diamond Game Enterprises’ lottery technology will increase our lottery footprint in North America while anticipated to be accretive to adjusted earnings before interest, tax, depreciation and amortization. We see upside for its latest lottery product, the LT-3, which has already been placed in Maryland and Ontario and which Diamond Game Enterprises expects to be placed in new jurisdictions in the near future. Our extensive game library can be integrated with its lottery technology.”

Jim Breslo CEO of Diamond Game commented on the sale “Diamond Game Enterprises’ sale to Amaya Gaming Group exemplifies the hard work and dedication of our management team and employees over the past 19 years, who have established Diamond Game Enterprises as an innovative supplier to the gaming industry, The transaction unlocks value for both companies by pairing our patented technology, innovative products and key contracts in the lottery segment with a well-capitalized entity in Amaya Gaming Group, which possesses a solid foundation of expertise throughout its organisation as well as key relationships throughout the industry”.

Industry speculators believe that Amaya Gaming will look to make one more final acquisition, most likely in igaming sports betting supplies and technology.