Boyd Gaming has entered into an agreement to acquire Lattner Entertainment for a total cash consideration of $100m.
The purchase price represents an implied multiple of approximately eight times adjusted EBITDA.
The transaction is expected to close by the end of the second quarter of 2018, subject to the satisfaction of customary closing conditions and the receipt of all required regulatory approvals.
Keith Smith, president and chief executive officer of Boyd Gaming, said: "The acquisition of Lattner is a strategic opportunity to further diversify and expand our business. Lattner will provide us a valuable new avenue to access gaming customers, and a platform to participate in the expansion of distributed gaming. We are excited to welcome the Lattner team to Boyd Gaming, and look forward to establishing ourselves as one of the leading distributed gaming operators in the country."
