Inspired Entertainment, Inc. completes business combination with Inspired Gaming Group

The transaction was unanimously approved by the boards of directors of both companies and was approved by approximately 89% of Hydra’s stockholders on December 22, 2016. With the closing of the transaction, IGG has become a wholly-owned subsidiary of Inspired. Inspired will continue to trade on NASDAQ under the tickers INSE and INSEW for the common stock and warrants, respectively, beginning Wednesday, December 28, 2016.

Lorne Weil, Executive Chairman of Inspired Entertainment, Inc., said, “We are truly delighted to combine the respective management teams of Hydra and Inspired. Luke Alvarez and his team created a company whose products entertain and are played by millions of end customers through a broad range of distribution channels. We believe Inspired is uniquely positioned to expand the distribution of its unique and cutting edge content and are excited to embark on building out this world-class business.”

Luke Alvarez, President and Chief Executive Officer, added, “Over the last fifteen years, Inspired has established itself as a leading provider of content and technology to the global gaming industry, focused on “Entertainment with an EDGE”. We are thankful to our investors, our customers and our players for helping us achieve today’s milestone. I look forward to working with Lorne, his team, and our public shareholders to bring our products to new markets and to take Inspired to the next level.”

Macquarie Capital acted as M&A Advisor to Hydra. Kramer Levin Naftalis & Frankel LLP and Mishcon de Reya LLP acted as legal counsel to Hydra. EarlyBird Capital acted as capital markets advisor to Hydra. Morgan Stanley acted as M&A Advisor to IGG. Dickson Minto W.S. and Willkie Farr & Gallagher LLP acted as legal counsel to IGG. Management was advised by Proskauer Rose LLP and Pinsent Masons LLP.