Montreal-based Amaya Gaming Group is on the grow again, this time announcing they have entered into an “arm’s length definitive agreement” to acquire Cadillac Jack, a supplier of products and technologies for the global gaming market with gaming machine placements in more than 200 venues in the United States and Mexico.
Amaya will pay approximately US$167.0 million to acquire 100% of the equity of Cadillac Jack and to retire its debt. The transaction will be funded through three separate cash payments. The first payment will be made upon closing of the Acquisition, and will total approximately US$147.0 million. Amaya will make two additional payments of US$10.0 million each, on the first and second anniversaries of the closing of the Acquisition. Amaya will finance the payment of the acquisition consideration through a combination of cash-on-hand and a new US$70.0 million to US$100.0 million non-convertible senior secured term loan.