Amaya agrees final deal with Cryptologic

It appears as though things could be looking up for Cryptologic; one of the oldest names in online gaming software development has finally struck a takeover deal...

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It may have taken months of negotiations and talks, but it has been reported that a deal between Cryptologic and Amaya Gaming Group has finally been reached – Amaya are now due to buy all of the remaining share capital for Cryptologic Limited.

The deal is rumoured to be worth a whopping $35.8 million; this figure breaks down to around $2.5 a share for the outstanding capital of one of the first online casino games developers – this price has been branded as 'fair and reasonable' by Amaya representatives Deloitte Corporate Finance.

It is thought that the takeover of Cryptologic by the Montreal based company will kick into gear within the upcoming months.

David Baazov, President and Chief Executive Officer for Amaya, commented: “We believe we share many of the same fundamental values and business philosophies as CryptoLogic and we are excited about the opportunity to work in partnership with its management and employees."

“We are also excited about the opportunity to integrate CryptoLogic’s expertise, capabilities and relationships with our existing worldwide operations. We look forward to completing the acquisition of CryptoLogic as another important step in our international expansion strategy to deliver leading-edge gaming solutions to our expanding global client base of regulated gaming operators and governments,” he added.

Cryptologic appears to be in agreement that the offer on the table is indeed fair and reasonable; it is thought that shareholders will be advised to accept the deal, as it is 'within the best interests' of the company.

“We consider that the offer represents an attractive premium to the share price of CryptoLogic prior to the announcement of a possible offer by Amaya in December of 2011,” said CEO of Cryptologic David Gavagan.

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