Inspired offers $370m to acquire PlayAGS

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Gaming equipment provider, Inspired Entertainment, is widely reported to have made a $10 per cash offer to acquire developer and manufacturer, PlayAGS. This offer values the business at $370m.

PlayAGS confirmed in a statement that it had received a proposal, adding that it has not accepted the initial offer, and remains in discussions about a potential deal. To date, there has been no specific public comment from Inspired.

However, on August 10th, Inspired’s Chief Financial Officer, Stewart Baker, told analysts that the group is actively looking at a number of merger and acquisition activities.

“We are certainly willing to use capital for M&A if it is something that strategically fits with what we are trying to do,” he said. “And there seem to be a lot of things around right now presenting themselves as possibilities.”

PlayAGS is headquartered in Las Vegas and backed by private equity firm Apollo Global Management. The company went public in 2018 and is believed to worth a fraction of what it was in 2019, immediately prior to the Covid-19 pandemic.