Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2016

Acquisitions and Dispositions [Abstract]

Acquisitions and Dispositions

Acquisitions and Dispositions

Bally acquisition

On November 21, 2014, the Company acquired all of the outstanding common stock of Bally for $5.1 billion (including the refinancing of approximately $1.9 billion of existing Bally indebtedness). We completed the allocation of the purchase price, which resulted in the purchase price exceeding the aggregate fair value of the acquired assets and assumed liabilities at the acquisition date by $2,956.1 million. Such excess amount was recognized as goodwill within our Gaming and Interactive business segments. We attributed this goodwill to enhanced financial and operational scale, market diversification, opportunities for synergies, assembled workforce and other strategic benefits.

DEQ acquisition

During the third quarter of 2016, we entered into a definitive agreement to acquire all of the issued and outstanding common shares of DEQ Systems Corp. (DEQ) for approximately $21.0 million in cash. The transaction closed on January 18, 2017. Substantially all of the purchase price is expected to be allocated to acquired intellectual property.

Disposition

In January 2014, we completed the sale of our equity interest in Sportech for cash proceeds of $44.9 million, resulting in a gain of approximately $14.5 million, which is reflected as a gain on sale of equity interest for the year ended December 31, 2014.