AGS completes acquisition of Integrity Gaming
Gaming technology supplier PlayAGS has completed its $49m (£38.1m/€43.4m) acquisition of slot route operator Integrity Gaming.
AGS has acquired all of the issued and outstanding common shares of Integrity for a cash payment of CAD$0.46 per share. The deal also includes the repayment Integrity's outstanding debts of US$35m.
Per the terms of the deal announced in December, AGS will now integrate the Integrity brand, operations and team, and manage the centralised service from its offices in Oklahoma City, Oklahoma.
AGS designs and provides electronic gaming machines, table products and interactive solutions to the market, while Integrity supplies slot machines to casino operators, usually on a revenue-share basis.
“We are thrilled to have so quickly closed this deal and are ready to provide Integrity's customers with exceptional service and support,” AGS SVP of slot products, Andrew Burke, said.
“Every Integrity customer is also an AGS customer, so this should be a relatively seamless transition and one that gives us an opportunity to work with operators to ensure they are getting the best performance from their Integrity-placed games.”
Confirmation of the deal comes after Integrity shareholders last week voted to approve the acquisition, with 99.99% of the votes cast in favour of the move. The deal required a minimum of 66% approval from shareholders to proceed.
Having secured shareholder backing, Integrity only required final approval from the British Columbia Supreme Court in order to complete the transaction.
Speaking at the time of the original announcement, Robert Miodunski, who took over as interim CEO at Integrity following the exit of Peter Macy in June last year, said AGS’s ability to “manage a large footprint of leased games to drive strong performance for gaming operators” would benefit the company.
Miodunski was previously chairman of AGS and also spent time as president and chief executive of Alliance Gaming Corporation, the predecessor to Bally Technologies.