2023-03-06 08:19:53 ET
- Golden Entertainment ( NASDAQ: GDEN ) entered into definitive agreements to divest its distributed gaming operations in Nevada and Montana for aggregate cash consideration of $322.5M , plus $39M of estimated purchased cash at closing.
- Pursuant to the terms, J&J Ventures Gaming will acquire Golden’s Distributed Gaming Operations in Nevada for $213.5M plus an estimated $34M of purchased cash and Golden’s Distributed Gaming Operations in Montana for $109M plus an estimated $5M of purchased cash.
- In addition, Golden will enter into a 5-year agreement with J&J Gaming under which J&J Gaming will support the gaming operations of Golden’s branded tavern locations in Nevada at financial terms consistent with the Company’s past practice.
- The aggregate cash consideration plus purchased cash represents a multiple of ~9.0x of the Adj. EBITDA for Golden’s Distributed Gaming segment for the year ended Dec. 31, 2022 of $44M, net of $3.8M of corporate costs allocated to the Company’s Distributed Gaming segment.
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Golden to divest distributed gaming operations in Nevada, Montana for $322.5M