Canadian betting firm Amaya Gaming has announced that it has sold its slots manufacturing subsidiary Cadillac Jack to fellow betting firm AGS.
AGS reportedly paid CDN $476 million for Cadillac Jack, with CDN $260 million being paid up front. Amaya had originally paid CDN $177 million for the business back in 2012. The sell-off is the second this month for Amaya, who announced they were selling off Diamond Game Enterprises through an initial public offering.
Commenting on the deal Amaya CEO David Baazov said, "We are confident that combining Cadillac Jack with AGS presents a strong opportunity to expedite the company's growth strategy, while at the same time crystallizing on the strong value created in the business to benefit Amaya's shareholders."
Casino Listings will update this story as more developments arise.