LAS VEGAS — Global Cash Access Inc. and Cash Systems Inc. today announced that GCA will acquire Cash Systems for 50 cents per share.
According to a news release, the sale has been approved by the boards of both companies and is expected to be approximately $33 million. GCA will gain approximately 120 new customers as a result of the acquisition, which is expected to close at the end of July 2008. "We believe this acquisition provides us with unique synergies within the gaming market and continues GCA's product innovation efforts, while providing the growth and cross-selling potential that our stockholders expect," said GCA president and chief executive Scott H. Betts. Goldman, Sachs & Co. acted as financial advisor to GCA and Morrison & Foerster LLP acted as legal advisor to GCA. Deutsche Bank Securities Inc. and Alpine Advisors LLC acted as financial advisors to Cash Systems. Manatt, Phelps & Phillips LLP acted as legal advisor to Cash Systems.
