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Aristocrat Leisure Hooks Big Fish Games for €833.9 millionPublished December 4, 2017 by Brett C
On Thursday, 30 November 2017, Aristocrat Leisure announced its purchase of Big Fish Games for €833.9 million. Big Fish Games is currently owned by Churchill Downs Inc.(CDI), and offers free play games in social gaming, social casino, and premium games.
Aristocrat Leisure is on the cusp of expanding its gaming empire with a lucrative deal with Big Fish Games for €833.9 million. The social gaming giant is currently owned by Churchill Downs Inc. (CDI), and it publishes a wide range of social games, social casino games, and pay to play games. Big Fish Games is a large global company with its HQ in Seattle, US. Some of its most popular exports include Fairway Solitaire, Big Fish Casino, and Gummy Drop.
Aristocrat Leisure Limited reports strong annual earnings
Aristocrat Leisure Limited expects the earnings to be accrued within the first year of ownership of Big Fish Games. Aristocrat is already a leader in digital content, and the acquisition of Big Fish Games will supplement the company's impressive digital content enterprise. Recently, Aristocrat Leisure purchased Plarium Global Limited for a sum of $500 million in cash. This acquisition was designed to boost its social casino enterprise. The purchase of Big Fish Games will be facilitated by cash on hand, and $890 million worth of loans.
Board of Directors Approved Big Fish Games Sale
From its perspective, Churchill Downs Limited – the owner of Big Fish Games – indicated that its board of directors had already approved the sale. Aristocrat's full year profits increased to $374.7 million, above analysts' forecasts. The company’s growth prospects are improving, and its acquisitions are driving profitability. The new deal will help Aristocrat Technologies Incorporated to refocus their strategy on their capabilities in the casino segment.
The big deal is expected to close by Q1 2018, and proceeds from the sale will be allocated towards corporate activities. These include share purchases, debt reductions, organic growth prospects, and various acquisitions. The CDI board of directors has already approved as much as $500 million worth of share repurchases from the Big Fish sale proceeds.