Inspired Entertainment Incorporated proposing PlayAGS Incorporated buy

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Prominent casino games and systems developer Inspired Entertainment Incorporated has reportedly floated a deal that could see it purchase fellow American iGaming specialist PlayAGS Incorporated for roughly $370 million.

According to a Friday report from the Reuters news service, the New York City-headquartered firm has proposed an arrangement that would see procure PlayAGS Incorporated’s entire shareholding via a $10-per-share transaction. This on-off tender purportedly comes a little over eight months after Inspired Entertainment Incorporated entered the global lottery sector via its $12.5 million acquisition of the Sportech Lotteries Incorporated subordinate of British pools betting innovator Sportech.

Optimistic outlook:

Inspired Entertainment Incorporated reportedly supplies a wide range of gaming solutions including virtual sports and mobile-friendly titles to casinos and bars in well over 35 jurisdictions. The Nasdaq-listed pioneer purportedly has a market valuation of close to $400 million and last week detailed a boost of 72% year-on-year in its second-quarter revenues to about $71.3 million as the American gaming industry continues to rebound from the recent economic slump of the coronavirus pandemic.

Speculation surge:

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Although Nasdaq-listed Inspired Entertainment Incorporated refused to officially confirm its bid for PlayAGS Incorporated, the Las Vegas-headquartered target reportedly disclosed that it had received an offer but has yet to accept the terms and remains in preliminary discussions. However, the possibility of such a sale occurring purportedly sent the individual values of shares in the New York-listed specialist up by some 25% on Friday to $7.52.

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Exceeding expectations:

PlayAGS Incorporated reportedly supplies gaming tables and interactive solutions to a plethora of premises across the United States and went public in 2018 with backing from American private equity giant Apollo Global Management Incorporated. The Nevada enterprise purportedly later saw its valuation drop by around a fifth owing to the negative impacts of the coronavirus pandemic but it has recently been on the mend as the industry bounces back and last week surpassed analyst estimates by chalking up second-quarter revenues of approximately $76.6 million.

Simmering search:

Stewart Baker serves as the Chief Financial Officer for Inspired Entertainment Incorporated and he reportedly used a Wednesday conference call with investors to divulge that his firm is actively looking at a number of merger and acquisition possibilities. The experienced executive purportedly furthermore pronounced that his company ‘will continue to be disciplined in our approach to capital deployment’ while executing a ‘strategic plan to deliver profitable growth, increase cash flows and maximize shareholder value.’

Baker reportedly told investors…

We are certainly willing to use capital for mergers and acquisitions if it’s something that strategically fits with what we are trying to do. And there seem to be a lot of things around right now presenting themselves as possibilities.”

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