In the 10 years since the company was founded, the Inspired Gaming Group has established itself as a real player in both the land-based and online gaming industries. Based on the company’s success, Hydra Industries Acquisition Corp. has announced they will be acquiring both the Inspired Gaming Group and its affiliates from an investor group comprised of Vitruvian Partners LLP and its co-investors.
About the Inspired Gaming Gruop & Hydra Industries Deal
Under the terms of the signed acquisition agreement, Vitruvian and its partners will be receiving a valuation of £200 million, or $264 million in USD. Said amount will be paid in cash on the basis of $10.00 per share. As part of the deal, Inspired Gaming Group‘s founder Luke Alvarez will continue serving as CEO.
In a press release, Alvarez stated: “We are excited to be partnering with Lorne Weil and Hydra, while continuing our strong relationship with Vitruvian. Lorne’s history in the gaming industry and Hydra’s access to the public capital markets are the perfect combination to take Inspired Gaming Group to the next level. Our ambition with Inspired has always been to build a truly scaled and global leader in gaming technology, which we believe is transitioning rapidly to an all-digital environment. Our visions are aligned, and the Inspired team is looking forward to working with Hydra to drive value through organic and strategic growth.”
On behalf of Nydra Industries, CEO Lorne Weil added, “We have been searching for a compelling business that utilizes our skill set to drive growth. We are excited to have the opportunity to partner with Luke and his team as we work together to grow the digital business through increased focus and the deployment of new technology and content.” Mr. Weil continued, “We look forward to not only growing Inspired’s business, but also using it as a platform for potential opportunistic acquisitions of synergistic businesses across a number of geographies. We believe the combination of Inspired’s management team and our experience in utilizing technology and content to drive revenue growth in gaming markets makes us well-positioned to enhance value for our shareholders.”
Given that the deal has already be approved by the Board of Directors of both companies, it is expected to close by the end of October after the remaining due-diligence has been completed.