Scientific Games to Acquire Global Draw
Monday, January 23rd 2006, 8:38 am
By: News On 6
NEW YORK (AP) _ Lottery and wagering equipment company Scientific Games Corp. said Monday it plans to acquire Global Draw Ltd., Britain's top supplier of fixed-odds betting systems, for an upfront payment of $183 million.
Under the nonbinding deal, Scientific Games said it could also pay an additional amount depending on Global Draw's financial performance down the road. The company plans to close the deal this quarter.
Global Draw's British gaming and betting machine operations reported 2004 revenue of 32 million British pounds (US$56.7 million).
Scientific Games expects to finance the acquisition with new debt and borrowings under an existing loan.
``Global Draw will give us a platform for accelerating our participation in sports betting and video lottery businesses globally,'' Chief Executive Lorne Weil said in a statement.