Bally Technologies $1.3 Billion Acquisition of SHFL Entertainment Approved
On Friday, Bally Technologies' $1.3 billion acquisition of global gaming supplier SHFL Entertainment was approved by the Nevada Gaming Control Board and Nevada Gaming Commission.
According to iGaming Business, Commission executive Adriana Fralick confirmed that the two organizations had opted to approve the transaction at a joint meeting this week.
Both companies signed an agreement for the acquisition in July of 2013, and SHFL shareholders approved the deal on Tuesday.
Bally will pay $23.25 per share and acquire $8 million in debt and $41 million in cash from SHFL.
The acquisition of SHFL, a company with 350 Nevada-based employees and 900 other employees worldwide, will result in an annual cost savings of $30 million for Bally. Additionally, the company will capitalize on SHFL's expertise in table games and their signature automatic card-shuffling machines.
The World Series of Poker used Shuffle Master automatic shufflers at the 2013 WSOP, and Shuffle Master was acquired by Bally in July of 2013.
Photo courtesy of i-gamingnews.com.
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