Hydra Industries to acquire Inspired Gaming
Hydra Industries is an acquisition company that was formed in 2014 by former executives of Scientific Games, a full-service provider of lottery and regulated gaming products, including one-time CEO Lorne Weil. Consideration for the deal will consist of cash and common shares, issued at $10 per share. $20m in cash will be brought by a private placement from Macquarie Capital, while Hydra will add $80m.
Inspired Gaming’s revenue and EBITDA are projected at $110m and $3m for the financial year to the end of September.
If none of shares are redeemed for cash in trust, vendors will be left with 35 per cent of Inspired.
After the deal is completed, Weil, who is the CEO of Hydra will become executive chairman of Inspired Gaming. Meanwhile, Luke Alvarez, Inspired’s founder and current CEO will retain his role as CEO and will join the board of directors.
“We have been searching for a compelling business that utilises 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 a number of geographies,” said Weil.
“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,” commented Alvarez.
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