It added: “The final shareholder meeting of NeoGames to vote on the acquisition is scheduled to be held on or about 26 April 2024, with completion of the acquisition expected to occur on or about 26 April 2024.”
Australia-based slot-machine maker and game-content provider Aristocrat Leisure Ltd says the acquisition of online real money gaming (RMG) provider NeoGames SA is “expected to occur on or about 26 April 2024”.
“All necessary gaming regulatory pre-approvals” required for the completion of the proposed acquisition of NeoGames “have been received or waived,” stated the company in a Friday filing to the Australian Securities Exchange.
“In addition, all antitrust and foreign investment regulatory clearances have been received,” it said.
“This marks a further step towards completion of the acquisition, before the final NeoGames shareholder vote,” the company added.
Aristocrat announced the deal in May last year, saying it had agreed to pay AUD1.80 billion (US$1.15 billion, currently) for NeoGames. The company said at the time that the deal would “deliver on Aristocrat’s online RMG strategy and accelerate growth” in the segment.
NeoGames is a technology and service supplier to the online RMG industry, offering proprietary technology platforms and a range of value-added services across iLottery, iGaming and online sports betting.
The NeoGames group consists of four complementary online RMG business units, including Pariplay Ltd.
In July, shareholders of NeoGames nodded the deal, in what was the first of two shareholder approvals required to effect the proposed acquisition.
“Aristocrat and NeoGames are continuing to work together to progress the remaining steps required to complete the acquisition,” noted the Australian firm in Friday’s announcement.
It added: “The final shareholder meeting of NeoGames to vote on the acquisition is scheduled to be held on or about 26 April 2024, with completion of the acquisition expected to occur on or about 26 April 2024.”
The acquisition must get the consent of two thirds of NeoGames shareholders at the second shareholder meeting.
Aristocrat has been working to scale up its online RMG segment, having launched in 2022 a RMG division, called ‘Anaxi’. In February last year, the company completed the acquisition of Roxor Gaming Ltd, an online RMG supplier based in London, in the United Kingdom.
Brokerage JP Morgan Securities said in a Thursday memo that the acquisition of NeoGames would be a “near-term” catalyst for Aristocrat.
“Following completion [of the deal] Aristocrat should track towards a net cash balance sheet in fiscal year 2025 in the absence of a top up of the existing share buy back,” wrote analysts Don Carducci and Michael James.
They added: “Aristocrat’s strong free-cash-flow generation means the balance sheet is in excellent shape, even after completion of the NeoGames acquisition and the current share buyback.”
https://www.ggrasia.com/aristocrat-says-acquisition-of-neogames-to-close-on-apr-26/