COLLINSVILLE, Ill. — Accel Entertainment, a Chicago-based operator of gaming terminals, plans to acquire Collinsville horse track FanDuel Sportsbook & Horse Racing and invest millions to add a casino at the site.
Accel (NYSE: ACEL) said Monday it has entered into an agreement with Fairmount Holdings Inc., which owns FanDuel Sportsbook & Horse Racing, to acquire the venue for about $35 million in a stock deal. The deal includes purchasing Fairmount Holdings Inc. and subsidiary Fairmount Park Inc. from co-owners William Stiritz, chairman of Brentwood-based consumer packaged goods holding company Post Holdings Inc., and Robert Vitale, CEO of Post Holdings.
The deal calls for Accel to pay the sellers 3.45 million shares of Accel’s Class A-1 common stock. The transaction is expected to close in the fourth quarter this year, subject to customary closing conditions, as well as approvals from the Illinois Racing Board and Illinois Gaming Board, said Accel.
