GTECH completes acquisition of Leeward Islands Lottery
Thursday, May 6, 2004
WEST GREENWICH, USA: GTECH Holdings
Corporation today announced that it has completed the acquisition of
privately-held Leeward Islands Lottery Holding Company Inc. (LILHCo), a
lottery operating company headquartered in Antigua and St. Croix. The
enterprise purchase price for LILHCo was an all-cash transaction of
approximately $40 million. "Long term, our
strategy is to become a leading supplier of gaming technology solutions for
government customers," said GTECH President and CEO W. Bruce Turner. "As part
of that effort, the acquisition of Caribbean-based LILHCo will enhance our
strategic foothold in that region, as well as provide significant growth
opportunities in additional jurisdictions throughout the Caribbean.
GTECH continues to expect that LILHCo will provide a gross revenue
contribution of $20 million to $25 million, representing gross lottery ticket
sales, and a net revenue contribution of $6 million to $8 million, for the
current fiscal year ending February 26, 2005. GTECH also expects the
transaction to be earnings neutral for this fiscal year.
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