EmailBoyd Gaming (BYD $7.46 +0.48) announced that it has agreed to acquire Peninsula Gaming for total consideration of $1.45 billion. The acquisition will complement Boyd Gaming's existing portfolio by adding five properties in some of the nation's strongest growth regions. The purchase price represents an EBITDA multiple of 7.0 times based on the trailing 12-month EBITDA of $109 million for Peninsula's Iowa and Louisiana properties, an annualized run-rate for Kansas Star based on its first-quarter 2012 EBITDA of $26.8 million, and corporate expense of $10 million. The Company has obtained committed financing for the entire transaction, and anticipates it will be deleveraging. Boyd Gaming will fund the transaction with $200 million in cash and approximately $1.2 billion in debt at the Peninsula subsidiary. In addition, a note provided by the seller of approximately $144 million will be part of the consideration.
than one year.
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