Ainsworth Acquisition of Nova Technologies Completed
Australian poker machine manufacturer, Ainsworth Game Technology Ltd. has announced that they have closed the acquisition of US-based Nova Technologies LLC, providing them with an immediate presence in the US gaming market.
The required regulatory approvals have been received and Ainsworth was able to close this deal ahead of the expected timeframe.
Nova is a privately held company that manufactures gaming machines within the US gaming market. They primarily produce Class II games, also referred to as video lottery terminal games, but also Class III games, also referred to as casino pokie games in some markets.
“Nova provides Ainsworth with an immediate presence in the US Class II markets and an opportunity for growth within the Americas with an expanded library of products to an increasingly large addressable market,” Ainsworth reported in a filing to the Australian Securities Exchange.
Danny Gladstone, Chief Executive of Ainsworth noted that the acquisition furthers the company’s aim to expand within the North American market. Nova has been developing gaming machines for more than a decade and currently has thirty types of games in more than 1,300 locations across the US. The deal will increase Ainsworth’s machines in the US to 2,600.
“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.”
The deal was first announced in November and it became the third acquisition of a Class II poker machine company by a traditional manufacturer in thirteen months. In 2015, another Australian company, Aristocrat Technologies, acquired Video Gaming Technologies for $1.3 billion.
April 16, 2017