News Summary: Scientific Games buying WMS

AP News
Posted: Jan 31, 2013 10:07 AM

NEW YORK (AP) — GAMING DEAL: Scientific Games Corp., an instant-win lottery ticket company, is buying gaming equipment company WMS Industries Inc. for approximately $1.42 billion. Scientific Games, which also makes video slot machines and other gaming systems, said the deal will expand its product offerings.

THE DETAILS: Scientific Games will pay $26 per WMS share. The companies put the deal's total value at approximately $1.5 billion, including $85 million in debt.

CLOSING: The acquisition is expected to close by year's end. It still needs approval from WMS shareholders.