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Bally Technology Buys Competitor For $1.31 Billion

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(Photo by Christopher Furlong /Getty Images)

(Photo by Christopher Furlong /Getty Images)

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LAS VEGAS (AP) — Bally Technologies Inc. says it has agreed to buy fellow gambling equipment maker SHFL entertainment Inc. for about $1.31 billion in cash.

Bally says the addition of SHFL will complement its existing product portfolio, while also providing new access to land-based and online table games markets around the world.

Bally will pay $23.25 per share, which represents a 20 percent premium over SHFL’s Monday closing stock price.

The deal also includes debt of $8 million and cash of $41 million as of April 30. Bally said it expects the acquisition to eventually result cost savings of at least $30 million.

The deal, which remains subject to SHFL shareholders approval, is expected to close by the second quarter of calendar year 2014.

Copyright 2013 The Associated Press.

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