Amaya Green Lights Cryptologic Acquisition Deal
The acquisition deal that will see Montreal-based firm, Amaya Gaming Group buy leading Dublin-based online casino games developer, Cryptologic, is finally wrapping up.
It was announced this week that after months of negotiations and talks, the two parties have reached an agreement that will Amaya acquire Cryptologic for $35.8 million.
This means that Amaya Gaming Group will buy the remainder of Cryptologic's shares for approximately $2.52 per share.
The deal has been deemed "fair and reasonable" by financial advisors, Deloitte Corporate Finance who were brought in to oversee the acquisition negotiations between Amaya and Cryptologic
The President and Chief Executive Officer for Amaya Gaming Group, David Baazov said about the deal: "We believe we share many of the same fundamental values and business philosophies as Cryptologic, and we are excited about the opportunity to work in partnership with its management and employees."
Baazov said that his group was also excited to integrate with Cryptologic's expertise, capabilities and relationships with its existing worldwide operations.
"We look forward to completing the acquisition of our Cryptologic as another important step in our international expansion strategy to deliver leading edge gaming solutions to our expanding global client base of regulated gaming operators and governments," he said.
Amaya Shareholders Recommended to Accept Offer
"The board of Cryptologic is pleased to be have agreed terms with Amaya," said the CEO of the Cryptologic, David Gavagan, who is also the chairman of the Canadian-Irish gambling company.
"We consider that the offer represents an attractive premium to the share price of Cryptologic prior to the announcement of a possible offer by Amaya in December of 2011."
Amaya Gaming Works in Regulated Markets
According to a press release regarding the latest developments between Amaya Gaming Group and Cryptologic, Amaya is aiming to increase its market share in regulated gaming markets around the world.
The group designs, develops, manufactures, distributes and sales technology based gaming solutions for these markets, and the addition of Cryptologic to Amaya's portfolio is an important step in its bid to make strides in the online gambling market.
