Ainsworth completes acquisition of Nova Technologies
Australia-based casino slot machine maker Ainsworth Game Technology Ltd on Friday announced it has completed the US$38-million acquisition of U.S.-based Nova Technologies LLC, a deal first announced in November.
“All necessary regulatory approvals have been completed and Ainsworth was able to close this acquisition ahead of time. The transaction was accomplished using existing credit facilities,” said the slot machine maker.
Privately held Nova is a manufacturer of products referred to in U.S. markets as “Class II” games – sometimes also referred to as video lottery terminal games – as well as systems for such games. It has also deployed selected so-called “Class III” games – sometimes referred to as casino slot games – in certain markets.
“Nova provides Ainsworth with an immediate presence in the U.S. Class II markets and an opportunity for growth within the Americas with an expanded library of products to an increasingly large addressable market,” Ainsworth said in a filing to the Australian Securities Exchange.
The firm said an integration plan is already being executed and Nova will be operated as part of Ainsworth’s existing corporate structure in the Americas.
“We are thrilled to announce the closing of the Nova acquisition, as it represents another positive step in our continued growth in North America … This not only provides us with immediate entry into Class II markets but it further expands the current product offering in the existing markets that the group currently successfully operates in,” Danny Gladstone, Ainsworth’s chief executive, said in a statement.
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