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GTECH completes acquisition of lottery company

May 7, 2004, 7:11 am

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IGTIGT: GTECH completes acquisition of lottery company

U.S.-based GTECH Holdings Corp. said Thursday it had closed a $40 million deal to buy an Antigua-based lottery company.

The all-cash deal also gives the lottery giant licenses to operate games in Antigua and Barbuda, Anguilla, St. Kitts and Nevis, St. Maarten and Saba and St. Eustatius, and Turks and Caicos.

GTECH said the acquisition of Leeward Islands Lottery Holdings Co. would add between $20 million and $25 million to the company's $1 billion in annual gross revenues. Leeward should provide $6 million to $8 million in net revenues for the current fiscal year, GTECH said.

The purchase will "enhance our strategic foothold" in the Caribbean, CEO W. Bruce Turner said in a statement Thursday.

Leeward Islands was founded by Robert Washington Jr.; Robert Johnson, founder and chief executive officer of Black Entertainment Television; and Johnnie Cochran Jr., the nationally known defense attorney.

According to the deal, which was finalized Wednesday, Leeward remains a stand-alone entity under GTECH, with a separate advisory board. All three Leeward founders will be on the board.

GTECH, based in Providence, R.I., provides software, networks and professional services for transaction processing in 45 countries.


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