Churchill Downs Inc. completes Exacta Systems acquisition23rd August 2023 9:41 am GMT
Churchill Downs Incorporated (CDI) has completed its previously announced acquisition of Florida-based historical horse racing business Exacta Systems.
Following an initial agreement last December, CDI has paid a total consideration of $250 million to acquire the business, subject to certain working capital and other purchase price adjustments.
Through its ownership of Colonial Downs Racetrack and Rosie’s Gaming Emporium historical racing machine (HRM) facilities, the deal will enable CDI to realize significant and immediate synergies related to the company’s Virginia operations.
CDI will also realize additional operational improvements over time through the diversification of games available at its HRM facilities.
Exacta will operate within the company’s TwinSpires segment and will continue to service its growing portfolio of third-party HHR operators in Kentucky, Wyoming and New Hampshire.
The transaction was funded with cash on hand and with the company’s existing credit facility.
Shares in Churchill Downs Incorporated (NASDAQ:CHDN) closed 0.15 per cent higher at $123.97 per share in New York Tuesday.