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.
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