Everi Holdings has entered a deal to purchase certain assets of VKGS LLC (Video King), a company that provides video gaming content, instant win games and integrated electronic bingo gaming tablets. The two have agreed to a purchase price of nearly $59m to be paid at closing.
The deal is subject to “customary working capital adjustments.” However, Everi said it anticipates the transaction will be completed within 60 days, pending customary closing conditions.
Everi CEO Randy Taylor commented: "Over the past several years, we have had great success with executing on acquisitions that grow our product capabilities and the markets we serve. During this time, we have established a track record of successfully scaling up acquisitions that have delivered an attractive return on investment and helped drive strong cash flow.
“We are highly confident that by helping to elevate our current Games, FinTech and Digital solutions with and adjacent to our established customer base, the acquisition of Video King will meet those same criteria and offer Everi with another lever for growth."
Everi provides land-based and digital casino gaming content and products, as well as financial technology and player loyalty solutions. The company develops gaming machines, gaming systems and content for both land-based and iGaming operators.
Video King currently holds licenses in 60 jurisdictions. The group expects to grow Everi’s addressable market and offer digital gaming fans a broader range of content.
Video King Co-Founder and CEO Tim Stuart discussed the company's long-term goals following the conclusion of the sale.
He said: "We are confident that as part of Everi, Video King will be in a very strong position to expand our product offerings to provide our long-time loyal customer base new enhanced games for our tribal, charitable and military markets."
