GGRAsia – Shareholders of RMG supplier NeoGames okay Aristocrat deal

Shareholders of RMG supplier NeoGames okay Aristocrat deal

Jul 19, 2023 Newsdesk iGaming, Latest News

The shareholders of online real-money gaming (RMG) provider NeoGames SA approved on Tuesday a previously-announced “business combination agreement” with Australia-based slot-machine maker and game-content provider Aristocrat Leisure Ltd.

Tuesday’s shareholder consent is the first of two shareholder approvals required to effect the proposed acquisition of NeoGames by Aristocrat, said the two companies in separate releases. Approximately 86 percent of the NeoGames’ outstanding shares were voted, with over 99 percent of votes cast in favour of the deal, the firm said.

The acquisition must still be nodded by two thirds of NeoGames shareholders at a second shareholder meeting.

NeoGames’ shareholders also approved on Tuesday the statutory continuation of the firm from Luxembourg to the Cayman Islands. Such a move will be completed following satisfaction of certain conditions, including receipt of all required gaming, antitrust and foreign-investment regulatory approvals.

“These approvals are progressing well, in line with Aristocrat’s expectations,” the Australian-based supplier stated.

Under the deal, first announced in May, Aristocrat will acquire 100 percent of NeoGames for a cash price of US$29.50 per share. The overall acquisition is valued at AUD1.80 billion (US$1.22 billion) and is to be funded with existing cash, according to previous information by Aristocrat.

Completion of the deal will occur by way of a merger of a wholly-owned subsidiary of Aristocrat with NeoGames.

Nasdaq-listed NeoGames presents itself as “a technology-driven provider of end-to-end iLottery and iGaming solutions”. The firm says it has “two dedicated game studios with an extensive portfolio of engaging games – one in lottery and one in casino games”.

“Aristocrat and NeoGames are working together to progress the steps required to complete the proposed acquisition, which is expected to occur during the first half of fiscal year 2024,” NeoGames said in a press release on Tuesday. The timetable was confirmed separately by Aristocrat.

Aristocrat has been working to scale up its online real-money gaming segment, having launched a RMG division, called ‘Anaxi’. In February, the company completed the acquisition of Roxor Gaming Ltd, an online RMG supplier based in London, in the United Kingdom.