UPDATE 1-Australia's Aristocrat Leisure makes $2.9 bln bet on online gambling provider Playtech
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(Adds details about the deal, funding)
Oct 18 (Reuters) - Australia's Aristocrat Leisure Ltd
said on Monday it will buy gaming software supplier
Playtech Plc for 2.1 billion pounds ($2.89 billion),
offering new growth areas for the gambling machine maker
including real money gaming.
pence per share, a 58.4% premium to the company's closing price
on Friday.
Aristocrat said Playtech's board and its largest shareholder
with an about 21% stake have backed its offer.
Playtech, however, was not immediately available for comment
outside regular business hours.
"The business will be ideally positioned to unlock
sustainable shareholder value by seizing opportunities in the
fast-growing global online RMG segment as they continue to open
up, particularly in North America," Aristocrat Chief Executive
Officer CEO Trevor Croker said.
The Australian company said it will fund the deal with a
A$1.3 billion ($964.21 million) equity raising, alongside new
debt and existing cash.
The company added that the deal will add to earnings from
the first year onwards.
($1 = 0.7273 pounds)
($1 = 1.3483 Australian dollars)
(Reporting by Harish Sridharan in Bengaluru; Editing by Peter
Cooney and Diane Craft)
