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Canadian betting firm Amaya Gaming has announced that it has signed a deal with US based Diamond Game Enterprises, which will see the former paying $25 million for the company that specializes in casino and lottery offerings.
As part of the deal, Amaya will pay the amount in cash, and retire Diamond's debts. The deal is pending shareholder approval and will likely be completed by the fourth quarter of this year.
Speaking about the deal Amaya CEO David Baazov said, "Diamond Game's lottery technology will increase our lottery footprint in North America. We see upside for its latest lottery product, the LT-3, which has already been placed in Maryland and Ontario and which Diamond Game expects to be placed in new jurisdictions in the near future. Our extensive game library can be integrated with their lottery technology."
Diamond Game President and CEO Jim Breslo added, "Diamond Game's sale to Amaya exemplifies the hard work and dedication of our management team and employees over the past 19 years, who have established the company as an innovative supplier to the gaming industry."
"The transaction unlocks value for both companies by pairing our patented technology, products and key contracts in the lottery segment with a well-capitalized entity in Amaya, which possesses a solid foundation of expertise throughout its organization as well as key relationships throughout the industry."