Acquisition company Hydra Industries Acquisition Corp. announced today that it would purchase London-based provider of solutions for the gambling industry Inspired Gaming Group from funds managed by private equity firm Vitruvian Partners LLP. Hydra would pay the amount of £200 million for the internationally recognized supplier.
The deal is expected to be closed in October 2016. Upon completion, Lorne Weil, CEO of Hydra, will assume the Executive Chairman role at Inspired Gaming. Luke Alvarez, founder and CEO of the London-headquartered provider, will retain his CEO post and will be named to the company’s Board of Directors.
Although the acquisition deal has been approved by the Boards of Directors of both Hydra and Inspired Gaming, it is still subject to approval by Hydra shareholders and the relevant regulatory bodies as well as to related customary closing conditions. Hydra announced that once the transaction is completed, it would change the gaming supplier’s name to Inspired Entertainment, Inc.
Commenting on the latest announcement, Lorne Weil, CEO of Hydra, said that they have been looking for a business that would utilize their skill set in a bid to drive further growth. Mr. Weil also noted that they are excited with the opportunity to work with Inspired Gaming and to grow its digital business by focusing on “the deployment of new technology and content.”
Hydra sees Inspired Gaming as a means for future purchase of synergistic businesses in different parts of the world. It is interested to note that Mr. Weil himself has considerable experience in the gambling industry as he had previously served as CEO and Chairman of major provider of gambling products and services Scientific Games Corp.
Inspired Gaming founder and CEO Luke Alvarez commented that Mr. Weil’s former experience in the industry and Hydra’s public capital markets access would help his company enter a new stage of its development. The official said that they are looking forward to working with its new owner so as to drive value through strategic and organic growth.
Generally speaking, Inspired Gaming specializes in the provision of Virtual Sports, mobile casino content, and video lottery service-based gaming products. Headquartered in London, the company also has offices in Gibraltar and Italy, and provides its products and services in numerous jurisdictions around the world.
