Bally to buy SHFL Entertainment for $1.31B

July 16, 2013

Bally Technologies Inc. said Tuesday that it has agreed to buy fellow gambling equipment maker SHFL entertainment Inc. for about $1.31 billion in cash.

Bally says the addition of SHFL will complement its existing product portfolio, while also providing new access to land-based and online table games markets around the world.

Under the terms of the agreement, Bally will pay $23.25 per share for the company, which represents a 20 percent premium over SHFL's Monday closing .

In premarket trading, SHFL shares jumped $3.95, or 21 percent, to $22.65. Bally shares rose $2.67, or 4 percent, to $63.58.

Bally, originally founded as a pinball machine maker in Chicago, started making slot machines in 1936. It now designs, manufactures, and distributes technology-based gambling devices and systems. The company also provides casinos with a variety of marketing, , accounting, player tracking, security and other and tools.

SHFL, known for its automatic card shufflers, makes a variety of casino equipment, along with proprietary table, electronic table and .

Both companies are based in Las Vegas.

Tuesday's deal also includes debt of $8 million and cash of $41 million as of April 30. Bally said it expects the acquisition to eventually result cost savings of at least $30 million.

The deal, which remains subject to SHFL shareholders approval, is expected to close by the of calendar year 2014.

Explore further: Thermo Fisher to buy Life Technologies for $13.6B (Update)

Related Stories

Thermo Fisher to buy Life Technologies for $13.6B (Update)

April 15, 2013

Thermo Fisher Scientific Inc. has offered to pay about $13.6 billion to buy genetic testing equipment maker Life Technologies in a cash deal that will create a giant company serving research and specialty diagnostics.

Recommended for you

Sydney makes its mark with electronic paper traffic signs

July 28, 2015

Visionect, which is in the business of helping companies build electronic paper display products, announced that Sydney has launched e-paper traffic signs. The traffic signage integrates displays from US manufacturer E Ink ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.