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Australian Company Buys Tennessee-Based Firm

Australian Company Buys Tennessee-Based Firm

CREATED Jul 8, 2014

NASHVILLE, Tenn. (AP) - An Australian company has agreed to buy Tennessee-based Video Gaming Technologies Inc. in a deal valued at $1.3 billion.

The deal between Aristocrat Leisure Limited and VGT, which is located in Franklin, is expected to close by the middle of fiscal 2015.

VGT makes and sells video gaming machines, primarily to tribal gaming centers in the United States. The company currently leases about 20,000 terminals nationwide, mainly in tribal casinos in Oklahoma, Washington and California.

Last year, the company brought in $236 million in revenue and is expected to top that number in 2014.

VGT has experienced dramatic growth since entering the tribal gaming market in 2001.

The deal would more than triple the Australian company's overall footprint.

(Copyright 2014 by The Associated Press. All Rights Reserved.)