Churchill Downs Inc. announced Wednesday that it has completed its merger with Youbet.com.
Churchill paid $45.26 million in cash and issued 2.7 million shares of Churchill Downs stock to Youbet shareholders in the deal, valued at $131.8 million.
"We are happy to now be able to move forward and continue the development of new technology-enabled features and services that Youbet.com and TwinSpires.com customers want and that can attract new customers to racing," said Bob Evans, Churchill president and CEO.
The acquisition, announced in November, gives Churchill control of at least 50 percent of the current account deposit wagering market, according to industry analysts. Youbet's executive chairman, Michael Brodsky, has been appointed to Churchill's board and will serve on the board's executive committee.
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Rohit Thukral, president of TwinSpires.com, will take over Youbet.
Churchill also acquired United Tote through the deal and has appointed Ben Murr, current Churchill chief information officer, as president of United Tote.
Youbet shares will ceased to be traded; Churchill shares (CHDN-NASDAQ) closed at $32.85 on Wednesday.