The US arm of Australian slot machine developer Ainsworth Game Technology Ltd has announced the acquisition of MTD Gaming Inc, a developer and supplier of unique poker, keno and video reel content for use in Multi-Game and Video Lottery Terminal markets.
The acquisition, coming at an initial cost of US$13 million, will see Ainsworth pay a second US$13 million instalment pending the delivery of certain financial targets and contract renewals. The acquisition will be funded by a combination of existing debt facilities and cash reserves.
MTD currently has products installed in Montana, Louisiana and South Dakota but Ainsworth said it will target further opportunities in other selected jurisdictions including Nevada, California, Arizona and New Mexico.
“We are delighted to welcome MTD to Ainsworth,” said Ainsworth CEO Lawrence Levy.
“The acquisition marks another positive step in transitioning Ainsworth to growth and improved profitability. MTD’s unique poker and Keno games are a great fit with our existing Class II and Class III offerings in the US and follows the global launch of our new A-Star cabinet hardware in February 2020. We expect to drive incremental revenues by offering these proven and highly successful games to customers in our established markets where Ainsworth operates, including California and Nevada.”