Hydra given extra time to complete Inspired acquisition

Hydra Industries has been granted additional time to finalise its acquisition of software developer Inspired Gaming Group.

In July, Hydra – founded in 2014 by gaming industry veteran Lorne Weil as a blank cheque company for the purpose of effecting a merger or other business combination with a target company – announced that it had struck a deal to take ownership of Inspired and its affiliates for approximately £200 million (€222.9 million/$244.5 million).

The deal had been expected to close in October, but the extension, approved this week by Hydra stockholders, will give the company until December 29 to finalise the acquisition.

Weil, chairman and chief executive of Hydra, said: “We are excited about the level of interest we continue to see as we have met with investors.

“We look forward to closing on the transaction in the coming weeks with the support of our stockholders.”

Hydra raised $80 million through its IPO two years ago, and has since been provided a $20 million equity commitment from Macquarie Capital.

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