LAS VEGAS (AP) - Nevada regulators have approved a buyout by Las Vegas-based Bally Technologies Inc. of a rival casino device company formerly known as ShuffleMaster.
The $1.3 billion acquisition of Las Vegas-based SHFL Entertainment Inc. was approved Thursday by the Nevada Gaming Control Board and Nevada Gaming Commission.
Bally President and CEO Ramesh Srinivasan previously called the buyout a strategic move.
The boards of the two publicly traded companies approved the deal in July.
Bally promised to pay $23.25 per share and acquire $8 million in SHFL debt and $41 million in cash.
Bally dates to 1932. It makes slot machines including reel-spinning and video slots, and casino management and accounting systems.
SHFL was founded in Minnesota in 1983. It began with automatic card-shuffling systems and expanded into other casino systems.
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