Hydra acquires Inspired Gaming

The acquisition deal was approved by members of the boards of both gaming companies.

UK.- Hyndra Industries, American private equity firm, announced the acquisition of Inspired Gaming, manufacturer and operator of virtual slots games, for the total amount of £200 million –US$1.3 million–.

Members of the board have approved the merger, which will be set in cash and US$10 per share dependent on the deal’s closing adjustments, according to stakeholders’ comments. The business transaction has been negotiated with main investor Vitruvian Partners LLP and its co-investors in the enterprise.

Hydra will take on Inspired’s corporate debts, excluding transactional costs incurred by the acquisition process. Inspired investors will retain 35 percent of equity, with company credit lines expected to remain in place. After the transition, Hydra will name its chief executive officer, Lorne Weil, Inspired’s executive chairman. Furthermore, Luke Alvarez will retain leadership of the company.  

“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. 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 its regions.  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,” expressed Weil.

And Alvarez added: “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 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.”