Aristocrat Entertainment reached an agreement with NeoGames SA in a deal valued at $1.2bn.
Aristocrat agreed to pay $29.50 for each share. This represents a 104% increase over the volume-weighted price average of NeoGames’ shares during the three months that ended on 12 May 2023.
NeoGames would be valued at $1.2bn, after adding significant value to the business through its acquisition of Aspire Global last year, which includes BtoBet and AspireCore, as well as Pariplay.
Moti malul is the Chief executive officer of NeoGames. He said: “I’m extremely proud of my entire team, as we have all worked together to establish our leadership position in iLottery and iGaming. We also enjoy online sports betting.
We are thrilled that Aristocrat has recognized the importance of what we’ve built and the opportunity to strategically combine our complementary business. We are confident that this Transaction is a positive outcome for NeoGames shareholders, customers and staff.
The transaction is expected to close in the next 12 to 18 months, depending on shareholder and regulatory approval. NeoGames must receive the approval of a majority of shareholders (more than two-thirds) to close this deal.
NeoGames, following the closing of the deal will move its registered office, statutory headquarters, and central administration to Cayman Island. The firm will also merge with another Aristocrat subsidiary.
Noegames is a major player in the iLottery market in North America. It has partnerships with many lotteries, including Michigan, AGLC New Hampshire, Atlantic Lottery Corporation Virginia and North Carolina.
Fusion, a platform that aggregates thousands of games for large operators via the Pariplay brand, is also available on the online casino market.
NeoGames Chairman of the Board, John E. Taylor Jr. said: “The NeoGames Team has built a company with a solid platform and differentiated assets. We are happy that Aristocrat acknowledges the value of what we’ve done as a market leader in iLottery and iGaming, and online sports betting.”
After careful consideration, NeoGames’ Board of Directors determined that Aristocrat’s proposal offers shareholders compelling value. This further validates the strength of business NeoGames built. We are happy to have reached an agreement that we believe will benefit all NeoGames shareholders and our other stakeholders.
