LOUISVILLE, Ky. (AP) - Churchill Downs Inc. has agreed to a $990 million deal to sell its mobile gaming subsidiary, Big Fish Games Inc.
The company said in a news release Wednesday that its board of directors approved the sale to Aristocrat Technologies Inc., a subsidiary of Australian corporation Aristocrat Leisure Ltd. The agreement is subject to regulatory approvals and is expected to close early next year.
The release said proceeds from the transaction will be used for purposes that may include organic growth and acquisitions, debt reduction and share repurchases.
Churchill Downs in Louisville is home of the Kentucky Derby.
Churchill Downs Inc. CEO Bill Carstanjen said when the company purchased Big Fish in 2014 in a deal worth up to $885 million that the acquisition gave the company new products, customers, locations and growth opportunities.