Pollard Banknote To Acquire Next Generation Lotteries For EUR 36 Mln

in Finance

DEC 31, 2020 7:26AM EST

(RTTNews) - Pollard Banknote Limited (PBL.TO) said that it agreed to acquire 100% of the equity of Next Generation Lotteries AS or NGL, a provider of lottery management and iLottery technology, for 36 million euros.

Of the purchase amount, 32 million euros will be payable at the time of closing and the remaining 4 million euros will be paid upon the achievement of certain gross margin targets in 2021.

The company noted that the purchase price will be funded from existing Pollard Banknote cash resources and availability under existing senior credit facilities for about 27.6 million euros and the issuance of treasury shares of Pollard Banknote for about 4.6 million euros.

The deal is expected to close early in the first quarter of 2021.