Gaming equipment maker Novomatic AG says it has completed the sale of its Admiral Group business in Austria to German-based sports betting and online slot games provider Tipico Group.
“This transaction underscores Novomatic’s long-term focus on global expansion and marks another important milestone in its international growth strategy,” stated the company in a Monday press release.
Under the deal, announced in January this year, Novomatic sold its 100-percent stake in Atlas Group GmbH, parent company of the Admiral Group. According to corporate information, Admiral Group has more than 200 gaming venues across Austria, and over 110 sports bars.
The value of the deal was not disclosed in Monday’s announcement. The closing of the transaction “followed the receipt of all required regulatory approvals,” Novomatic stated.
The update said the Admiral Group would “remain an important technology partner under its new owner” and “continue to rely on Novomatic’s innovative technology solutions in the future”.
The release cited Stefan Krenn, a member of Novomatic’s executive board, as saying: “The completion of this transaction marks an important step in our global expansion strategy with a clear focus on international growth markets.”
Axel Hefer, chief executive of Tipico Group, said in prepared remarks: “We are delighted about the successful completion of this transaction. Admiral is a leading Austrian company with a strong legacy, and clear potential for future growth.”
Novomatic – traditionally strong in Europe and the Americas – has been working to increase the presence of its casino gaming machine products in international markets, including in Asia Pacific. The gaming manufacturer said in April it had been awarded a gaming-related vendor licence in the United Arab Emirates (UAE).
In late August, the Austria-based manufacturer increased its stake in Australian slot maker Ainsworth Game Technology Ltd, as the former seeks to acquire the shares it does not currently control in Ainsworth.
The Novomatic group and its founder and owner, Johann Graf, now control 55.2 percent of Ainsworth’s shares.
Novomatic last month made an “off market” takeover bid of AUD1.00 (US$0.645) apiece for the shares that it does not currently control in Ainsworth. The Austrian company said the bid was “final” and “unconditional”, and one that would “not be increased”.
Separately, Novomatic and Ainsworth announced the termination of a separate scheme implementation deed, which had been proposed in April. Via the scheme transaction, Novomatic had also intended to acquire the shares it does not currently control in Ainsworth.
