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Churchill Downs Acquires Exacta Systems for $250M Cash – Churchill Downs (NASDAQ:CHDN)

ByShivani Kumaresan

Dec 20, 2022
Churchill Downs Acquires Exacta Systems for $250M Cash - Churchill Downs (NASDAQ:CHDN)

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  • Churchill Downs Inc CHDN has agreed to acquire all of the outstanding equity interests of Exacta Systems LLC for total consideration of $250 million in cash.
  • The transaction will allow Churchill Downs to realize synergies related to its acquisition of Colonial Downs Racetrack and the Rosie’s Gaming Emporium HRM facilities in Virginia.
  • Exacta provides technical support to historical horse racing (HHR) operations in Virginia, Kentucky, Wyoming and New Hampshire.
  • “We look forward to expanding Exacta’s national footprint and further diversifying the game offerings available to players at HRM facilities around the country,” said CEO Bill Carstanjen.
  • Churchill Downs expects to fund the transaction with cash on hand and through its existing credit facility. It held $1.7 billion in cash and equivalents as of September 30, 2022.
  • The transaction is expected to close in 2023.
  • Price Action: CHDN shares closed lower by 4.41% at $206.32 on Monday.
  • Photo Via Wikimedia Commons

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Image and article originally from www.benzinga.com. Read the original article here.