In a move that was foreseen a couple of years ago with the creation of Hydra Industries for this very purpose. Inspired was sold for two hundred million pounds.
Inspired & Vitruvian
Inspired had joined Vitruvian when it was bought out in 2010 for 74 million pounds in a planned merger with OpenBet. However Openbet was sold and Inspired left on the wayside.
After a short flirt and rumors of an acquisition by Novomatic, Inspired was already known to be on the market for a buyer.
Lorne Weil, who was chief executive for Scientific Games will be the new executive of the company once the sale is over.
Weil has said that he wishes to grow Inspired’s already large range of operators by acquiring like-minded businesses in several other emerging markets. The actual business deal itself has gone through smoothly, as was expected. Officially, Hydra will be known as Inspired Entertainment and go public, being traded on NASDAQ. The deal has been funded with cash along with common shares, which will be priced at $10 a share. Depending on performance, more shares could be granted to Vitruvian.