Aristocrat Leisure to buy U.S. slot machine maker VGT for $1.28 billion

Reuters

Updated 6 July 2014 at 8:00 pm

SYDNEY (Reuters) - Australian gaming machine maker Aristocrat Leisure Ltd said on Monday it has agreed to buy privately-owned Video Gaming Technologies (VGT) for $1.28 billion (746.24 million pounds) in cash.

VGT, based in Franklin, Tennessee, makes slot machines primarily for Native American casinos and reported revenue of $236 million for the year-ended December 2013.

Aristocrat said it will both fund the acquisition and refinance its existing debt through two new debt facilities worth $1.3 billion and A$100 million and an underwritten institutional share placement of A$375 million.

(Reporting by Swati Pandey; Editing by Eric Meijer)

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