In a $250M deal, Churchill Downs will acquire Exacta Systems.
Churchill Downs Incorporated (CDI), a provider of horse racing, casino, and internet gaming services, declared its intention to acquire Exacta Systems’ remaining stake.
Churchill Downs Incorporated said it had reached a definitive agreement to acquire all outstanding interests in Exacta Systems, a premier provider of solutions and technology for historical horse racing (HHR) enterprises.
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Churchill Downs will acquire Exacta’s remaining stake
The price tag for the recently announced definitive agreement is $250 million. CDI said that cash on hand or the company’s credit capacity will be used to cover the transaction.
By acquiring Exacta’s remaining shares, the company will be able to capitalize on newly generated synergies. Moreover, the new agreement supports CDI’s recent acquisition of Rosie’s Gaming Emporium and Colonial Downs Racetrack’s historical racing machine (HRM) activities in Virginia.
Adapting Cutting -Edge Technology from Top Operators
Exacta is without a doubt the ideal solution for Churchill Downs, given its cutting-edge technology. Exacta has adapted content from top operators like IGT, Light & Wonder, and Everi, among others, to its HHR operations; therefore, the new agreement will also assist the company diversify its offering.
In addition, CDI will benefit from Exacta’s presence in states including New Hampshire, Virginia, Wyoming, and Kentucky.
The acquisition will be classified as an asset purchase for tax purposes, allowing CDI to enjoy incremental tax benefits, which will create additional cash flow and improve the overall economics of the transaction.
The transaction is subject to the relevant regulatory approvals and other customary conditions. According to CDI, the transaction is anticipated to close the following year.
The Company Remains Dedicated to Future Growth
Bill Carstanjen, the chief executive officer of CDI, expressed his delight in stating that Exacta has supported horse racing operations in the United States for decades.
He noted that the acquisition will contribute to Exacta’s expansion. Finally, Carstanjen stated that the agreement will ”increase the variety of games offered in HRM facilities across the country.”
Utilizing Company’s Aid in Continuing Expansion
The current announcement follows CDI’s announcement of a key appointment. Andréa Carter, an expert in human resources, was appointed to the Board of Directors last week.
By joining the CDI Board, the total number of members climbed to nine. Carter possesses a variety of knowledge, which she will utilize to aid the company’s continued expansion. Her term as a Class II Board member is scheduled to expire in 2025.
