Scientific Games Corp. (Nasdaq: SGMS) will acquire WMS Industries Inc. (NYSE: WMS) for about $1.5 billion.

The price works out to $26 per share in cash.

The deal would combine two gaming companies that will supply products and services to public and private sector lottery and customers.

WMS, headquartered in Waukegan, Ill., designs and manufactures games, video and mechanical reel-spinning machines and video lottery terminals.

New York-based Scientific Games supplies instant lottery tickets, video gaming systems and server-based gaming.

Skadden Arps Slate Meagher & Flom LLP is legal counsel to WMS. 

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