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Bally Technologies Inc to acquire Dragonplay Ltd


Thursday, 5 Jun 2014 09:01am EDT 

Bally Technologies Inc:Enters into definitive agreement to acquire Dragonplay Ltd. (Dragonplay).with top-grossing applications for Android, as well as presence on Facebook and Apple iOS.Total consideration includes about $51 mln in upfront cash, plus the amount of net working capital.Says payable to Dragonplay's shareholders in exchange for all of the issued and outstanding equity, and about $49 mln in additional earn-out consideration and employee retention payments over the next 18 months subject to Dragonplay meeting certain financial performance targets.Says it expects to fund the transaction from cash on hand and proceeds from its revolving credit facility.Subject to completion of certain customary closing conditions, Bally expects to close the acquisition of Dragonplay in July 2014 and expects the acquisition to be accretive to Bally's fiscal 2015 adjusted earnings per share. 

Company Quote

80.57
-0.05 -0.06%
4:05pm EDT