Aristocrat Leisure Limited has achieved a significant milestone in its proposed acquisition of NeoGames S.A., as shareholders of NeoGames voted in favor of the Business Combination Agreement and the statutory continuation of NeoGames from Luxembourg to the Cayman Islands.
The overwhelming majority of NeoGames shareholders, representing 86% of outstanding shares, cast their votes, with more than 99% supporting the deal. Once the deal is finalized, NeoGames will transfer its statutory seat and central administration from Luxembourg to the Cayman Islands, and a subsidiary of Aristocrat will merge with NeoGames, making NeoGames a subsidiary of Aristocrat.
The second shareholder meeting will determine the outcome of the merger agreement, where at least 66.7% of shareholders need to vote in favor of the merger to proceed. If successful, the acquisition will be completed, subject to the satisfaction of certain conditions, including gaming, antitrust, and foreign investment regulatory approvals.
Aristocrat’s acquisition of NeoGames, announced in May, involves a payment of $1.20 billion, which will grant Aristocrat ownership of all shares in NeoGames. The strategic move aligns with Aristocrat’s goal of expanding its online gaming capabilities and accelerating its growth in the digital sector.
As noted, the completion of the acquisition is subject to the satisfaction of closing conditions and regulatory approvals, but both Aristocrat and NeoGames are optimistic about finalizing the deal in the first half of fiscal year 2024.
Aristocrat CEO Envisions Great Opportunities in NeoGames Acquisition
Trevor Croker, CEO and managing director of Aristocrat, expressed optimism about the acquisition, stating: “We see great opportunities in the combination of our complementary businesses, with clear revenue and growth potential that comes with a complete and seamless online RMG solution.”
Tsachi Maimon, president of NeoGames, highlighted the complementary nature of the deal, stating that it allows both companies to leverage their strengths and contribute to each other’s growth. NeoGames itself has made significant acquisitions, including Pariplay, Aspire Core, BtoBet, and an iLottery division as part of its acquisition of Aspire Global. Maimon believes that Aristocrat’s contribution to these brands will be invaluable.
Aristocrat’s chief product officer, Matthew Primmer, recently addressed the Nevada Gambling Control Board, highlighting the benefits of the $1.2 billion acquisition of NeoGames, a flourishing company with a demonstrated history of success. Primmer explained that the acquisition will enable Aristocrat to enter the online gambling and iLottery vertical, granting them global scale in the iGaming markets and access to iLottery, sports, and iGaming solutions, fueling the company’s growth.