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Multimedia to Acquire PokerTek

Multimedia to Acquire PokerTek

Austin, Texas-based slot manufacturer Multimedia Games is acquiring PokerTek, Inc., the producer of automated table games featuring the PokerPro multi-player electronic poker game. PokerTek also produces automated multi-player blackjack and baccarat games.

Multimedia is paying $1.35 per share in cash for the acquisition.

Multimedia CEO Patrick Ramsey announced the transaction, for which the company spent $13 million, as part of the slot-maker’s quarterly earnings announcement. In addition to adding PokerTek revenue that was $5.5 million over the past year—85 percent of which came from recurring-revenue deals with casinos—Ramsey noted that the transaction gives Multimedia an instant entry into the Macau gaming market.

“This proposed transaction represents an excellent opportunity for Multimedia Games to expand our product portfolio,” Ramsey said in a statement.

PokerTek’s board of directors unanimously approved the merger agreement with Multimedia Games, and has recommended that the company’s shareholders adopt the merger agreement. Assuming the satisfaction of conditions and regulatory approvals, the transaction is expected to close by the end of the year.

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