Canada – Amaya completes sale of Cadillac Jack to AGS for $476mBy Phil - 1 June 2015
Amaya has now completed its sale of Cadillac Jack to AGS for $461m and a $15m payment-in-kind (PIK) note.
Amaya’s Chairman and CEO, David Baazov, said: “Cadillac Jack has expanded its business greatly under Amaya’s ownership to the credit of its management and its employees.It has enhanced its operational efficiencies and expanded its business both geographically, including acquiring multiple U.S. state commercial licenses, and by markets, including expansion in Class III and online gaming. We anticipate its combination with AGS will expedite the company’s growth strategy.”
“We are extremely pleased that we have been able to crystallize on the value that has been created within Cadillac Jack over the past two-and-a-half years for the benefit of our shareholders,” added Mr. Baazov. “The Transaction results in both a strong return on our investment and a significant deleveraging event that puts us on the path to achieving our previously guided Adjusted Net Leverage Ratio2 of 4.0 to 4.5 by the end of the year. It is also consistent with our strategy to focus on our primary growth platform, our core B2C operations.”