Inspired Entertainment makes a bid of $370m for PlayAGS
One of the leading gambling firms looks to expand its presence
Inspired Entertainment is one of the biggest names within iGaming and land-based gambling with an expanding portfolio of online slots, lottery and betting. According to Reuters, the iGaming giant has made an offer to purchase PlayAGS for $370 million.
The iGaming company has offered $10 per share in cash to acquire the slot machine maker. At PlayAGS, the company is known for a player-first approach to iGaming and popular social casinos - so it's an ideal choice for Inspired Entertainment to purchase.
What will players know Inspired Entertainment for?
Founded in 2011, Inspired Entertainment employs over 10,000 people and is known for a huge variety of online slots. Players will be familiar with the Reel King series which hit games such as Reel King Megaways, Reel LinKing and Reel Spooky King Megaways.
There are also classic slots such as Egyptian Pays, Follow the Honey and Rainbow Cash Pots as well as newer releases such as Space Invaders and Big Egyptian Fortune.
Who is PlayAGS?
Inspired Entertainment declined to comment on the matter, but PlayAGS confirmed that it had received a proposal and that this remains in preliminary discussions about a potential deal. The company also mentioned that no transaction is a certainty.
Based in Las Vegas, PlayAGS is backed by private equity firm Apollo Global Management which went public in 2018. PlayAGS was hit by the Covid-19 pandemic making the company worth a fifth of what the market value was in 2019.
“Willing to use capital,” says Inspired
Inspired Entertained has not commented on the bid but spoke on an analyst call on Wednesday, Inspired Entertainment CFO Stewart Baker said the group was actively looking at a number of M&A activities.
“We are certainly willing to use capital for M&A if it’s something that strategically fits with what we are trying to do,” said Baker. “And there seem to be a lot of things around right now presenting themselves as possibilities.”
It seems that many iGaming companies are expanding with Evolution acquiring Nolimit City just last week. Be sure to follow No Wagering to keep up with all the news with iGaming.
