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Pollard Banknote Announces Completion of the Previously Announced Acquisition of Next Generation Lotteries
Pollard Banknote Announces Completion of the Previously Announced Acquisition of Next Gen...
About this update from Pollard Banknote Limited
[{"type":"text","content":"\n \n \n \n Pollard Banknote Announces Completion of the Previously Announced Acquisition of Next Generation Lotteries\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Jan. 14, 2021\n \n /CNW/ -\n \n Pollard Banknote Limited\n \n (TSX: PBL) (\"Pollard Banknote\", \"Pollard\" or the \"Company\") announced today that it has completed the previously announced (\"Acquisition\") of Next Generation Lotteries AS (\"NGL\"). Pollard signed a definitive agreement to acquire 100% of the equity of NGL on\n \n December 30, 2020\n \n . The Acquisition was subject to certain standard regulatory and third-party consents, which have now all been obtained.\n \n \n \n \n \n \n \n \n \n NGL is a full solution supplier to the lottery industry, including providing a state-of-the-art retail lotto system and iLottery platform, creating a truly omni-channel offering that increases lottery revenues and returns to good causes. With a focus on\n \n Europe\n \n and\n \n Asia\n \n , current customers include the operation of the Loteries de Catalunya in\n \n Spain\n \n and the provision of lottery services in a number of other international jurisdictions, including\n \n Tunisia\n \n and\n \n Norway\n \n .\n \n \n The Acquisition purchase price of NGL totalled €36 million prior to standard working capital adjustments and certain deferred cash considerations, of which €32 million was paid at the time of closing (approximately\n \n $50 million CDN\n \n using an exchange rate of\n \n $1.57 CDN\n \n per EUR). The remaining €4 million will be paid upon the achievement of specific gross margin targets in 2021. Approximately €27.4 million of the purchase price was funded from the Company's existing cash resources and availability under its existing senior credit facilities, with an additional €4.6 million of the purchase price satisfied by the issuance of 233,211 treasury shares of Pollard Banknote to the vendors.\n \n \n \n About Pollard Banknote\n \n \n \n Pollard Banknote is a leading lottery ...