Hydra Industries to acquire Inspired Gaming Group

Hydra Industries has entered a definitive agreement to acquire Inspired Gaming Group and its affiliates for approximately £200 million (€240.1 million/$267.3 million).

The valuation of Inspired does include the company’s indebtedness, but excludes transaction expenses as well as the impact of Hydra’s sponsor shares and subject to certain closing adjustments.

Consideration for interests in Inspired will consist of cash available at closing after transaction expenses, as well as Hydra common shares issued at a price of $10 each.

Upon completion of the deal, Hydra’s chief executive Lorne Weil will take on the role of executive chairman, with Inspired founder and current chief executive Luke Alvarez continuing in his leadership role as chief executive, as well as taking a seat on the board of directors.

“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.,” Alvarez said.

“Our visions are aligned, and the Inspired team is looking forward to working with Hydra to drive value through organic and strategic growth.”

Weil added: “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.

“We believe the combination of Inspired's management team and our experience in utilising technology and content to drive revenue growth in gaming markets makes us well-positioned to enhance value for our shareholders.”

The proposed transaction has been approved by the boards of both Hydra and Inspired and is expected to close in October.

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