AGS to acquire Integrity Gaming in 49m deal
AGS has entered into a definitive agreement to acquire all issued and outstanding common shares of Integrity Gaming Corporation for a cash payment of $0.34 per share.
The total transaction is valued at $49m, which includes repaying $36m of Integrity’s outstanding debt.
The transaction is expected to be funded with cash on the balance sheet and to finish in the first half of 2019, subject to approval by Integrity’s shareholders, applicable regulators, court and third parties.
AGS Senior Vice President of Slot Products, Andrew Burke, said: "The Integrity team has built a strong business, with an installed base of more than 2,700 Class III and Class II games in Oklahoma and Texas, partnering with some of the largest tribal gaming operators in the United States."
Integrity Interim CEO, Robert Miodunski, said: "We strongly believe this is a good transaction for our company and that our customers will benefit from AGS’ deep roots in Oklahoma and its proven ability to successfully manage a large footprint of leased games to drive strong performance for gaming operators.
"We look forward to working closely with the AGS team to ensure a smooth transition and continuity of service and support for our customers. I am proud of the Integrity team and the success we have achieved over our more than 20 years."