Amaya agrees terms for CryptoLogic acquisition

Montreal-based Amaya revealed that it has agreed to pay just over us$ 35.8 million for all of the outstanding shares in CryptoLogic, which works out to us$ 2.535 per share and represents a premium of approximately 55 % over the closing price on December 14, with advisors Deloitte Corporate Finance calling the offer ‘fair and reasonable’.

Commenting on the offer, David Baazov, President and CEO of Amaya said: “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. We are also excited about the opportunity to integrate CryptoLogic’s expertise, capabilities and relationships with our existing worldwide operations. 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.”

On the other hand, David Gavagan, Chairman and Interim CEO of CryptoLogic, said: “The board of CryptoLogic is pleased to have agreed terms with Amaya. We consider that the Offer represents an attractive premium to the share price of the Cryptologic prior to the announcement of a possible offer by Amaya in December 2011.”