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U.S. betting giant Bally Technologies has announced that they have struck a deal in which it will acquire SHFL Entertainment for $1.3 billion.
As part of the purchasing agreement, Bally will pay $23.25 per share in cash to SHFL's shareholders. That price is 24% higher than what the stock is currently valued at. Additionally, Bally will absorb SHFL Entertainment's $8 million in debt and $41 million in cash.
Commenting on the deal Bally President and CEO Ramesh Srinivasan said, "The transformational acquisition of SHFL – which joins two high-caliber, talented and creative teams – will further enhance our ability to deliver future growth and serve our customers."
"SHFL's intellectual property, renowned brands and industry-leading suite of diverse, high-performance products will enable us to offer an unparalleled offering of gaming products and services, which – when combined with our content, technology, operational capabilities and respective geographic footprints – will provide the most comprehensive product portfolio offered around the world," Srinivasan added.
SHFL Entertainment CEO Gavin Isaacs also spoke about the deal, saying: "United, we become a larger, stronger organization that we believe will best position the company for future growth. Equally important, we share a common vision to build the industry's leading supplier based on delivering superior products, solutions and services to customers around the world."