NGL is a full solution supplier to the lottery industry, including providing a state‐of‐the‐art retail lotto system and iLottery platform, creating a truly omni‐channel offering that increases lottery revenues and returns to good causes. With a focus on Europe and Asia, current customers include the operation of the Loteries de Catalunya in Spain and the provision of lottery services in a number of other international jurisdictions, including Tunisia and Norway.
The Acquisition purchase price of NGL totalled €36 million prior to standard working capital adjustments and certain deferred cash considerations, of which €32 million was paid at the time of closing (approximately $50 million CDN using an exchange rate of $1.57 CDN per EUR). The remaining €4 million will be paid upon the achievement of specific gross margin targets in 2021. Approximately €27.4 million of the purchase price was funded from the Company’s existing cash resources and availability under its existing senior credit facilities, with an additional €4.6 million of the purchase price satisfied by the issuance of 233,211 treasury shares of Pollard Banknote to the vendors.