Video casino gaming company Bally Technologies (NYSE:BYI) has announced plans to acquire fellow gaming business SHFL Entertainment (NASDAQ:SHFL) for approximately $1.3 billion, or $23.25 per share. The merger includes SHFL's $8 million worth of debt and $41 million in cash and is subject to a vote by SHFL's shareholders.
The new agreement will help Bally broaden its current product portfolio and will also extend its hold within the growing online table games and e-tables markets.
Bally's president and chief executive officer, Ramesh Srinivasan, believes the acquisition of SHFL "joins two high-caliber, talented, and creative teams."
On the day of the announcement, Bally's stock price rose from $64.82 to $65.13, while SHFL's price per share peaked at $22.86 and dropped slightly to $22.81.
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