In line with its plan to focus on online and mobile gaming, Amaya Gaming has sold off its Slots manufacturing company subsidiary, Cadillac Jack, to AGS.
AGS has ties to fund management group Apollo Global Management LLC, which has approximately US$160 billion of assets under management, and the price tag for Cadillac Jack is CA$476 million with an initial payment of CA$260 million.
Amaya acquired the company in 2012 for CA$177 million.
"We are confident that combining Cadillac Jack with AGS presents a strong opportunity to expedite the company's growth strategy, while at the same time crystallizing on the strong value created in the business to benefit Amaya's shareholders," CEO David Baazov said.