GGRAsia – Sci Games closer to NYX acquisition after William Hill nod

Sci Games closer to NYX acquisition after William Hill nod

Dec 07, 2017 Newsdesk Latest News, Top of the deck, World

The takeover of online sports betting specialist NYX Gaming Group Ltd by casino equipment and lottery services provider Scientific Games Corp is closer to be successful after the parties announced fresh support for the deal, including from British betting brand William Hill.

Scientific Games said in a Wednesday press release that two new parties “have entered into independent agreements” to support the NYX Gaming deal: William Hill Steeplechase Ltd and parent firm William Hill Plc; and AlpInvest Partners Co-Investments.

The gaming technology group also announced that it has agreed a new commercial arrangement with the William Hill group, and that the parties, as well as NYX Gaming, have entered into a separate settlement agreement “to end all existing litigation among the parties”.

Gibraltar-registered entity William Hill Steeplechase had said in a November 8 statement that the William Hill group controlled certain ordinary shares of NYX Gaming and convertible preference shares in a NYX Gaming subsidiary that would in aggregate give William Hill 31.9 percent of the NYX Gaming group’s ordinary shares. William Hill had announced the intention to convert its preference shares before the meeting to vote on the deal.

NYX Gaming said in a November 10 press release it had filed a lawsuit in a U.S. court against the William Hill group, alleging anti-competitive behaviour by the latter, and an attempt to block the acquisition of NYX Gaming by Scientific Games.

In Wednesday’s release, Scientific Games additionally said that “William Hill has undertaken to withdraw its previously issued notice of conversion of its convertible preference shares into NYX ordinary shares”.

The respective shareholders meetings to approve the acquisition are scheduled for December 20, according to the release.

Scientific Games had in September flagged a CAD775-million (US$605.5-million) offer for NYX Gaming, a sum that includes paying off the target’s outstanding debt. Since then, the casino equipment supplier has acquired a stake – in two separate exercises – of approximately 36.01 percent of NYX Gaming’s issued and outstanding ordinary shares.