NeoGames shareholders have supported the proposed takeover from Aristocrat Leisure, voting in favour in the transaction’s first of two necessary votes.
The igaming solutions provider’s shareholders approved the proposed acquisition by Aristocrat on July 15, while also permitting statutory continuation of the firm from Luxembourg to the Cayman Islands.
With a second investor meeting set to take place, at least 66.7 per cent of NeoGames shareholders entitled to a vote would be needed to approve and finalise the acquisition, which will see a merger between NeoGames and an unconfirmed wholly-owned subsidiary of Aristocrat.
The first shareholder meeting vote builds on Aristocrats proposal in May to purchase NeoGames at a price of £29.50 per share, valuing the group at $1.2bn to represent a 104% premium on the value of the company’s shares in the three months ending May 12.
Reflecting on the initial proposal, Moti Malul, NeoGames CEO stated: “We are delighted that the team at Aristocrat recognises the significance of what we have built, and the strategic opportunity to combine our complementary businesses.
“We firmly believe that this Transaction represents a great outcome for all of NeoGames’ shareholders, customers and employees.”
Completing the acquisition will fulfil a long-term objective for Aristocrat to purchase a proven igaming supplier, following the company’s unsuccessful attempt to buy Playtech for £2.7bn at the beginning of 2022.
In purchasing NeoGames, Aristocrat will gain access to the brand’s iLottery offerings that span across several continents to utilise established partnerships with European Lotteries and Brazil’s Loteria Mineira.
Moreover, the firm will secure the BtoBet sportsbook alongside online casino brands under the NeoGames banner, such as AspireCore and Pariplay. This is a result of NeoGames gaining said casino brands after it purchased Aspire Global for $480m.
Besides relying on the outcome of the second shareholder meeting, Aristocrat will also need to pass necessary gaming, antitrust and foreign regulatory approvals, which the company suggested are “progressing well”.
Concluding its statement on the latest update, Aristocrat stated: “Aristocrat and NeoGames are continuing to work together to progress the remaining steps required to complete the proposed acquisition, which Aristocrat continues to expect will occur during FY24.”
