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GTech Acquires Caribbean Lottery Operator

NEW YORK -- As reported by Reuters: "GTech Holdings Corp., the world's largest lottery systems operator, on Monday said it would acquire a lottery operator based in the Caribbean for $40 million in cash.

"It said the acquisition of privately held Leeward Islands Lottery Holding Co., based in Antigua and St. Croix, gives it an entry to an important market.

"…Under the terms of the acquisition, GTech will gain eight lottery contracts from LILHCo, which operates lotteries in Barbados, Bermuda, and the U.S. Virgin Islands.

"GTech said LILHCo will provide a gross revenue contribution of $20 million to $25 million, and a net revenue contribution of $6 million to $8 million, for the fiscal year ending Feb. 26, 2005.

"West Greeenwich, R.I.-based GTech expects the acquisition, contingent on regulatory and gaming license approvals, to close in the first quarter of fiscal year 2005…"

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