Boyd Gaming To Acquire Lattner Entertainment Group
Friday 04 de May 2018 / 13:05
⏱ 1 min read
(Las Vegas).- Boyd Gaming Corporation (NYSE: BYD) today announced that it has entered into a definitive agreement to acquire Lattner Entertainment Group Illinois, LLC ("Lattner"), for total cash consideration of $100 million. Lattner currently operates nearly 1,000 gaming units in 220 locations across the state of Illinois.
The purchase price represents an implied multiple of approximately 8 times Adjusted EBITDA, including incremental growth opportunities and expected cost synergies. The Company anticipates the acquisition will be free cash flow positive and immediately accretive to earnings.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "The acquisition of Lattner is a strategic opportunity to further diversify and expand our business. Lattner will provide us a valuable new avenue to access gaming customers, and a platform to participate in the expansion of distributed gaming. We are excited to welcome the Lattner team to Boyd Gaming, and look forward to establishing ourselves as one of the leading distributed gaming operators in the country."
The transaction is expected to close by the end of the second quarter of 2018, subject to the satisfaction of customary closing conditions and the receipt of all required regulatory approvals. The Company intends to finance the transaction through cash flow from operations and availability under its existing credit facility.
Morrison & Foerster LLP served as legal advisor to Boyd Gaming for the transaction. Wells Fargo Securities served as exclusive financial advisor and Koley Jessen served as legal advisor to Lattner during the transaction.
Categoría:Casino
Tags: Sin tags
País: United States
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