American Gaming System (AGS) has completed the acquisition of a Georgia base company – Cadillac Jack, a subsidiary of Amaya Gaming Incorporation.
Early this year, on 30th March, 2015 AGS announced it was having a discussion with Amaya Gaming for a possible aquisition of the company which they see as an opportunity to enter the space in the class 1 and class 2 gaming market in which Cadillac Jack is a leader.
But at the same time there were some report which says Amaya was willing to sell Cadillac Jack to a globally known private equity and finance management company – Apollo Global Management at a deal value to be around $470 million.
The latest transaction which eventually saw America Gaming System buy Cardillac Jack was said to be valued at $370 Million.
The acquisition which was announced June 1, 2015 was finance in part with the net proceeds of $265 million of incremental team loan incurred by AP Gaming I, LLC and it was made in cash with a $12 million promissory note.
A statement from AGS website stated that the deal will put them in better position to explore the existing opportunity in the Class I and class II gaming market.
October 2014 was when Amaya Gaming started looking for a buyer for the company, with intention to you the proceed therein to settle some outstanding debt.
America Gaming System is a reputable company that develop and manufacture casino games, system and technology while Cadillac Jack is a world leader in the supplier of innovative electronic games and system.