Lottomatica subsidiary Gtech has entered into an agreement to acquire a 50 per cent stake in Atronic from the Gauselmann Group. Gtech is expected to pay approximately $100 million to $150 million for the 50 per cent share, after agreeing a purchase price calculated through a performance-based formula equal to eight times Atronic’s EBITDA ending December 2007.
“The alliance of Gtech and the Gauselmann Group represents the coming together of two industry leaders that share a common vision of the future of machine gaming. Gtech and Gauselmann are creating in Atronic a new strong global competitor in gaming content, equipment, systems and services, and a market innovator with strong positions in the highest growth gaming markets,” said Gauselmann’s Co-Chairman and CEO Michael Gauselmann.
Gtech President and CEO W. Bruce Turner jointly. “This transaction is a central part of the growth strategy for both companies. It is a fair value for both in that it is structured as a market driven multiple of performance,” said Messrs. Gauselmann and Turner.