Delta Corp may buy rummy website ace2three.com for $80-100 million

Delta Corp, India's largest and only listed casino operator, is betting big on inorganic growth. Shortly after acquiring the country's largest poker website adda52, ET Now learns Delta Corp is in exploratory talks to buy out a rummy website ace2three.com for approximately $80-100 mn.

Delta Corp told ET Now it will not comment on market speculation. And, ace2three.com declined to comment on the story.

The Delta Corp stock price today hit a 52-week high of Rs 174.75/share. The stock has provided year to date returns of 116%. Dalal Street's big bull Rakesh Jhunjhunwala and his wife Rekha hold a little over 9% in Delta Corp.

Sources say Delta Corp on its part is keen to structure the buyout via conversion instruments, whereas ace2three.com might insist on a cash component.

The deal talks between both sides are still at an exploratory stage, but sources say both companies would like to announce the proposed transaction by mid October.

Last fiscal, ace2three.com EBITDA stood at around Rs 100 cr, and sources say its is being forecast to be significantly higher for this fiscal.