Churchill Downs Incorporated (CDI) has signed a definitive agreement to sell its mobile gaming subsidiary, Big Fish Games, Inc. to Aristocrat Technologies, Inc. in an all-cash deal for $990 million, the company announced via media release on Wednesday. CDI has owned Big Fish Games for about three years.
“Big Fish is a very successful business with a bright future that will be best realized by being part of Aristocrat's strategy and vision for their online and mobile gaming portfolio,” said Bill Carstanjen, CEO of CDI. “We will refocus our strategy on our core assets and capabilities including growing the Kentucky Derby, expanding the casino segment, TwinSpires.com and other forms of real money gaming and maximizing our thoroughbred racing operations.”
The sale has been approved by the CDI Board of Directors and is subject to customary regulatory approvals and other closing conditions, and is expected to close in the first calendar quarter of 2018.