Light & Wonder announces $422m proposal to acquire remaining shares of SciPlay

Light & Wonder wants remaining 17% equity interest in SciPlay Corporation.

Light & Wonder has revealed plans to purchase the remaining public shares in SciPlay.

In 2019, Light & Wonder IPOed SciPlay but news of the supplier wanting to reclaim full ownership of the division has caused SciPlay’s stocks to shoot up 26% to $19.61.

Light and Wonder recently released its Q1 results for 2023, reporting revenue of $670m, a 17% yearly increase.

Currently, Light and Wonder already owns 83% of the economic interest and 98% of the voting interest in SciPlay. But the acquisition of the remaining shares would see it retain full ownership of the economic interest in the company.

The purchase of the remaining interest in SciPlay would have a number of benefits for Light and Wonder, according to the supplier. The company would hope it unifies its businesses, enabling easier collaboration with SciPlay through a cross-platform strategy.

Additionally, the combination of Light and Wonder and SciPlay’s balance sheets would aim to provide flexibility – to invest cash across the enterprise.

At this stage, the proposal is an expression of interest only and nothing is binding. The valuation of the proposed transaction, however, stands at $422m. SciPlay overall has an impressive market capitalization of $2.45bn.

While nothing is confirmed and other companies have the right to make a bid for this remaining 17% of shares, Matthew Wilson, President and CEO of Light and Wonder said, “We would not expect, in our capacity as a shareholder of SciPlay, to vote in favor of any alternative sale, merger or other corporate transaction involving SciPlay nor divest or sell any portion of our ownership interest.”

Robert Prendergast

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