Canadian Gambling Group to Acquire Online Software Firm Cryptologic

Well-known gambling empire Amaya Gaming, which operates in full compliance with Canadian gambling laws, is moving ahead with its purchase of Cryptologic.

The latest announcement by the Montreal-based gambling group states that they signed an agreement to purchase the remaining Cryptologic stock, which will put the online software company’s value at around $35.8 million.

Amaya Gaming, operator of numerous successful online casinos in Canada, offered $2.54 per share for the remaining shares of Cryptologic, following their initial overtures in December 2011.

Canada gambling news learned that both companies have already approved the bid, which represents a premium of 56 percent on the closing share price on the Toronto Stock Exchange noted one day before Amaya’s announcement it was contemplating making a bid.

Amaya Gaming currently holds around seven percent of publicly traded Cryptologic shares. Amaya is also creating online casino gambling software of its own and has recently completed acquisition of Chartwell Technology.

President and CEO of Amaya Gaming, David Baazov, 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.”

He went on to add: "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."