Accel Entertainment has announced a $140 million cash and equity agreement to buy Century Gaming, which serves as Century Gaming Technologies.
The merged company is estimated to produce nearly $220 million in sales in 2021, according to the distributed gaming operators, with Accel Entertainment celebrating the acquisition for allowing them to expand into new regional markets.
Overwhelmingly approved by board
The transaction has been overwhelmingly approved by the boards of directors of both companies, and it is scheduled to close by the end of 2021, subject to the fulfilment of normal closing requirements, such as regulatory approvals from applicable gaming authorities.
Andy Rubenstein, Accel CEO said: “We are thrilled to welcome Steve Arntzen and the Century team to the Accel family and look forward to leveraging this compelling transaction that will provide significant and attractive growth opportunities for both companies.
“We are constantly seeking innovative opportunities to broaden our reach and expand our operations into new markets. As we continue to scale our presence across the United States, Steve and his leadership team at Century make for an ideal partner in the Western US.”
Financing the loan
Accel expects to finance the loan with a mix of cash on hand, borrowing under its current credit line, and stock.
The addition of more than 900 regulated outlets and more than 8,500 gaming terminals throughout Montana and Nevada would expand the group’s activities into the Western United States.
Century’s CEO, Steve Arntzen, said: “We are excited to join the Accel team. With Accel, we will be exceptionally positioned to expand our operations while continuing to lead the industry in cutting-edge emerging gaming technologies that support both our operators and their players.
“We look forward to working with Accel to grow our business in our home states of Nevada and Montana and to deepen our partnership in the years to come.”