Churchill Downs Acquires Exacta Systems for $250M Cash

• Churchill Downs Inc (NASDAQ: CHDN) has agreed to acquire all of the outstanding equity interests of Exacta Systems LLC for total consideration of $250 million in cash.

• The transaction will allow Churchill Downs to realize synergies related to its acquisition of Colonial Downs Racetrack and the Rosie's Gaming Emporium HRM facilities in Virginia.

• Exacta provides technical support to historical horse racing (HHR) operations in Virginia, Kentucky, Wyoming and New Hampshire.

• "We look forward to expanding Exacta's national footprint and further diversifying the game offerings available to players at HRM facilities around the country," said CEO Bill Carstanjen.

• Churchill Downs expects to fund the transaction with cash on hand and through its existing credit facility. It held $1.7 billion in cash and equivalents as of September 30, 2022.

• The transaction is expected to close in 2023.

• Price Action: CHDN shares closed lower by 4.41% at $206.32 on Monday.

• Photo Via Wikimedia Commons

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