Churchill Downs to sell Big Fish Games to Aristocrat Technologies for $990M
Churchill Downs announced it has signed a definitive agreement to sell its mobile gaming subsidiary, Big Fish Games, to Aristocrat Technologies, an indirect, wholly owned subsidiary of Aristocrat Leisure Limited, an Australian corporation, in an all-cash deal for $990M. The sale has been approved by the board of CDI and is subject to customary regulatory approvals and other closing conditions and is expected to close in the first calendar quarter of 2018. Proceeds from the transaction will be used for general corporate purposes, which may include investments to support organic growth and acquisitions, debt reduction and share repurchases. The CDI board has approved up to $500M of share repurchases from the proceeds of the Big Fish sale.