|Gaming software provider GTech Corporation has announced a deal to acquire 90 percent of Gibraltar-based St Enodoc Holdings Limited and its subsidiaries including St Minver Limited, a highly successful provider of end-to-end white-label gaming services.|
A subsidiary of Italy’s Lottomatica, GTech stated that it would pay $43.8 million for the stake on a cash and debt free basis and up to an additional $21.2 million based on the performance of the business over the next two years.
The acquisition, which should be completed by the end of the current quarter, is subject to regulatory and other closing conditions with the remaining ten percent continuing with Gary Shaw, Founder and Chairman of St Enodoc, until at least 2012. At that time, GTech stated that it would have the right to acquire the remaining shares.
'As we continue to expand our presence in regulated Internet-based gaming, St Enodoc is a logical fit,' said Jaymin Patel, President of Chief Executive Officer for Providence-based GTech.
'The St Enodoc group has provided white-label management services to some of the most recognised brands in Europe operating interactive bingo, poker and casino games including specialised support for peer-to-peer networks around managing fraud, collusion, and various tournaments.
'For companies in both gaming and non-gaming industries that want to offer Internet-based gaming, St Enodoc provides solutions to afford these organisations the ability to maintain their brand and customers while essentially outsourcing the gaming operation to St Enodoc.”
'As the market enters a new phase of development, industrial scale on a global basis will determine which businesses succeed,' said Shaw.
'The St Enodoc management team is delighted that it can leverage its Internet gaming capability to be part of one of the companies that will shape the future of the gaming market.'