GGRAsia – Bally, Scientific Games merger clears last regulatory hurdle

Bally, Scientific Games merger clears last regulatory hurdle

Nov 21, 2014 Newsdesk Industry Talk, Latest News, Top of the deck

U.S.-based specialist in lottery equipment and management Scientific Games Corp on Thursday received the final regulatory approval required for the merger with Bally Technologies Inc, a global slot machine maker headquartered in the United States.

Following the approval, Scientific Games announced it expected to complete the Bally Technologies merger on the following day (November 21), subject to the satisfaction of the remaining customary closing conditions.

The firm said that the Nevada Gaming Commission unanimously approved the deal, clearing all regulatory hurdles to merger with Bally Technologies.

“We are pleased to have received unanimous approval from the Nevada Gaming Commission, and we thank the commission, the Nevada Gaming Control Board and its staff for their diligence in reviewing the transaction,” Gavin Isaacs, president and chief executive of Scientific Games, said in a statement.

Scientific Games announced in August it was acquiring Bally Technologies in a deal valued at US$5.1 billion. The announcement was part of a raft of other merger and acquisition deals in recent months in the casino equipment supply sector marking a year of major realignment and consolidation in the industry.

In September, the schedule for the completion of the deal was brought forward to end-2014, subject to regulatory approvals. The deal was initially scheduled to be closed in early 2015.

Scientific Games expects US$235 million in annual cost synergy savings from the Bally Technologies acquisition within two years, Mr Isaacs said in October.

Earlier this week, the shareholders of Bally Technologies had already formally approved the merger with Scientific Games at a special stockholders’ meeting.