Aristocrat Leisure has entered into a definitive business combination agreement to acquire NeoGames for approximately $1.20 billion.
Under the agreement, Aristocrat will pay $29.50 per NeoGames share in an all-cash transaction. This represents approximately 104% of the volume-weighted average price of NeoGames shares for the three months to May 12, the last trading day before the deal.
The terms of the agreement stated that NeoGames would transfer its registered office and central administration from Luxembourg to the Cayman Islands.
NeoGames’ board unanimously approved the deal, while NeoGames shareholders who own 20,382,242 shares, representing approximately 61% of NeoGames’ outstanding shares, signed a supporting agreement with Aristocrat to vote in favor of the transaction.
Subject to customary closing conditions, including receipt of regulatory approvals and NeoGames shareholder approval, the acquisition is expected to close within 12 months.
A big deal for Aristocrat
“The NeoGames team has built a great company with a strong platform and differentiated assets and we are pleased that Aristocrat recognizes the value we have created as a leader in lottery, iGaming and online sports betting,” said NeoGames President John E. Taylor Jr. .
“After careful review, the board has determined that Aristocrat’s proposal provides compelling shareholder value, further validating the strength of the business that NeoGames has built. We are pleased to have reached this agreement, which we believe benefits all NeoGames shareholders , as well as our various stakeholders,” added John.
Aristocrat’s Chief Executive and Managing Director, Trevor Croker, added: “Through the acquisition of NeoGames and its industry-leading global online RMG platform, this transaction will deliver on our strategy by providing a portfolio of end-to-end solutions for online sports betting operators globally”.
“We see great opportunities in combining our complementary businesses with the clear revenue and growth potential that comes with a complete and seamless RMG solution.”
“This proposed acquisition builds on the strength and resilience of our business, expands market opportunities and adds capabilities to unlock our full potential. We remain focused on executing on our proven growth strategy and creating long-term value for Aristocrat shareholders “, completed the Aristocrat executive.
