Reprinted from Caribbean Net News
caribbeannetnews.com
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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