Gtech has agreed to purchase 90 percent of St. Enodoc Holdings, parent company of online bingo operator St. Minver.
Gtech will pay an initial 28 million euros ($43.8 million) upon closing of the deal, which is expected to be completed this quarter. A further 13.6 million euros ($21.3 million) could be paid depending upon St. Enodoc's performance over the next two years. 10 percent of St. Enodoc will remain with founder and chairman Gary Shaw until 2012.
Jaymin B. Patel, Gtech's president and chief executive, called the proposed acquisition a "logical fit" with the company's interests in expansion, particularly toward regulated Internet gambling markets.
"With more gaming markets around the globe approving and regulating interactive gaming channels, Gtech will be well positioned to provide a full-service solution or part thereof," he said.