Las Vegas-based casino operator Boyd Gaming Corp. said June 1 that it completed its purchase of Lattner Entertainment Group Inc., which operates video gaming terminals in Illinois.
Boyd had entered an acquisition agreement May 2 to acquire Lattner and its nearly 1,000 gaming units for a total cash consideration of $100 million. At that time, Boyd said the amount represented an implied multiple of approximately 8x adjusted EBITDA, including incremental growth opportunities and expected cost synergies.
The casino operator funded the acquisition from cash on hand, according to a May 3 SEC filing.
Morrison & Foerster LLP served as Boyd's legal adviser for the transaction, while Wells Fargo Securities served as financial adviser and Koley Jessen served as legal adviser to Lattner.
