Aristocrat Leisure is buying the online gaming solutions provider NeoGames for about US$1.2bn in cash. The announcement by the Australia-based Aristocrat led to NeoGame’s US shares jumping 120% in pre-market trading.
The major slot machine manufacturer offered US$29.50 per share for the entirety of NeoGames’ shares, a premium of about 130% from the target’s closing price on Friday. The hope is that the acquisition will be completed within a year, once it receives the necessary regulatory approvals.
access to the lucrative iLottery market
This acquisition will provide Aristocrat access to the lucrative iLottery market and help it penetrate other real money gaming (RMG) online verticals. The company has been eyeing RMG growth for some time. Aristocrat unsuccessfully tried to buy gambling software and games developer Playtech last year for US$3.7bn.
NeoGames provides technology solutions and content for the online RMG sector. The Israel-based NeoGames’ board of directors recommended that shareholders accept the offer. Aristocrat believes that the purchase will begin adding to its profit in the 2025 financial year.
The post Aristocrat Leisure to Purchase NeoGames for $1.2bn appeared first on VegasSlotsOnline News.