Tuesday, September 9, 2014

Multimedia Games Acquired For $1.2 Billion

Austin-based Multimedia Games Holding, which develops video games and slot machines for the casino and lottery industry, has been acquired by Global Cash Access Holdings in a $1.2 billion cash deal. Global Cash Access Holdings said it would pay $36.50 per share for publicly held Multimedia Games. The companies said the combined company would have about $800M in revenues and $217M in adjusted EBITDA. The two said that game development operations will continue to be based in Austin. Global Cash Acess was advised by BofA Merrill Lynch, Pillsbury Winthrop Shaw Pittman and DLA Piper. Multimedia Games was advised by Wells Fargo Securities and Latham & Watkins. BofA Merrill Lynch and Deutsche Bank are providing debt financing to Global Cash Access as part of the deal.