New Acquisition for Amaya Gaming – Cadillac Jack
The payout will be realized through three separate cash payments, it was specified in the company, which added that the first will be made upon closing of the Acquisition which will total approximately US$147.0 million, while two additional payments of US$10.0 million each will be made on the first and second anniversaries of the closing of the acquisition.
Amaya stated that the financing will be made through a combination of cash-on-hand and a new US$70.0 million to US$100.0 million non-convertible senior secured term loan.
According to Amaya CEO David Baazov, "The acquisition of Cadillac Jack is a pivotal event for Amaya. We expect that the combined companies will leverage their distribution for game content in the key areas of online, mobile and land based casinos. The Acquisition creates immediate scale for Amaya's operations and greatly enhances growth opportunities for both companies.
"I want to thank Gene Chayevsky, who has held leadership roles at Cadillac Jack since 2004 and been its chief executive officer since 2008, for his stewardship in establishing one of our industry's emerging leaders. The foundation for growth that Gene established at Cadillac Jack made it an ideal complement to Amaya's business."
On the other side, Gene Chayevsky, chairman, chief executive officer, and controlling shareholder of Cadillac Jack said: "I'm proud of our team and our accomplishments over the past several years, which established Cadillac Jack as one of Georgia's and the gaming industry's leading growth companies.”
It has been stated that Chayevsky will be leaving the company but help out in the transitional period prior to closing, while Baazov will take over the position of chairman of the board and chief executive officer.
The Acquisition closing date is reportedly in the fourth quarter of 2012.
All News Categories
- General Gambling News (6909)
- Gambling Law & Society News (3460)
- Casino Games (3102)
- Casino Software (2940)
- Land Based Casino News (464)
- Promotions & Bonuses (332)
- Casino Banking (204)
- Casino Tournaments (111)
- LCB News (62)
- General Poker News (53)
- General Sportsbook News (42)
- General Bingo News (38)
- LCB Approved Casinos (22)
- Casino Warnings (21)
- Bingo Software (11)
- Bingo Games (9)
- Predatory Terms (8)
- Online Poker Tournaments (5)