Canadian-based games developer Amaya Gaming will acquire Cryptologic, one of the world’s former leading online software providers. After several months of negotiations, the two companies have arranged for Cryptologic to be bought for $35.8 million.
The acquisition deal was overseen by financial firm, Deloitte. The two companies wanted to ensure that an outside party deemed the transaction to be fair, and Deloitte approved of the agreed sum of money for which Cryptologic would be sold.
This is likely to be one of the biggest deals 2012 will see. While other online gaming companies have been bought for substantially more money, Cryptologic was a big name in the digital gambling online market. The company showed signs of being in trouble for quite some time, but it was only recently that Cryptologic accepted help with its financial situation. As such, Amaya will purchase the remainder of Cryptologic’s shares for $2.52 each.
The acquisition deal will be a great step forward for Cryptologic, as Amaya has gained an impressive presence in Canada’s regulated gambling market. Having been acquired by the company, Cryptologic will also gain access to Canadian gambling world, opening up the company to great gaming opportunities.