Bally Technologies has agreed to purchase SHFL Entertainment for a reported $1.3 billion, the gaming companies announced Tuesday.
That purchase price equates to roughly $23.25 per share. Shareholders of both the buyer and seller still must approve the transaction, with most business analysts believing such an occurrence to be a mere formality.
“Both Bally and SHFL have long histories of proven innovation, excellent customer service and successfully anticipating and adapting to changes within our industry, which makes bringing our two companies together a great strategic fit,” said Ramesh Srinivasan, Bally’s President and CEO.
Bally Technologies has been a mainstay in gaming for several decades and is well-known as an industry leader in developing slot machines. The Las Vegas-based company has the distinction of being the first to receive an interactive gaming license in the U.S., when Nevada regulators approved their application over one year ago.
SHFL Entertainment has also secured a gaming license in the Silver State. The table game manufacturer was known as Shuffle Master prior to a rebranding last October and is headquartered in Paradise, Nevada.
“Now is the right time to join forces with Bally,” said SHFL CEO Gavin Isaacs, “as there is a unique opportunity to combine each other’s many strengths. It also represents an opportunity for our shareholders to receive a significant premium for their shares.”