Following clearance by the UK authorities, Inspired Entertainment has completed the acquisition of the Gaming Technology Group of Novomatic UK.
The group includes Bell Fruit and Astra, two of the best-known AWP producing brands.
Inspired paid €104.6m in cash for the purchase, entering into a new term loan facility for £140m and €90m and a €20m revolving credit facility. The term loan was used to finance the acquisition and pay of existing debts. Inspired expects to achieve US$12.3m to $13.3m of annual cost synergies within six months of the closing of the deal through shared costs and increased scale.
Inspired, a leader in server-based gaming, virtual sports and interactive with the Gaming Technology Group varied gaming products and popular content across a complementary customer base. Inspired supplies Category B2/B3 gaming terms and Gaming Technology Group supplies Category B3, C (AWP machines) and Category D machines to pubs, arcades, motorway service areas and holiday resorts in the UK.
Inspired operates in 35 jurisdictions, supplying gaming systems with terminals and content for more than 58,000 machines in betting shops, pubs, gaming halls and; virtual sports products through more than 44,000 retail channels; digital games for over 100 websites and amusement entertainment solutions with an installed base of more than 19,000 devices.
"This acquisition is transformational for Inspired as it unites two highly complementary businesses to create a company that we expect to be a leader in the gaming industry with innovative content, state-of-the-art technology and an expansive footprint," said Lorne Weil, executive chairman of Inspired.
"We see significant opportunities across the combined companies to accelerate our growth, expand our reach and set new standards for innovation and service in the industry."
Weil continued: "The larger scale of the combined organisation will offer a one-stop service for gaming, virtual sports, interactive and leisure products – and a complete gaming solution that operators can use to reach players wherever they are, whenever they want to play and in any channel they choose. We expect to be able to deliver meaningful value to our shareholders as the acquisition is integrated."
