Aristocrat has announced the completion of its purchase of Neo Group (NeoGames) at a previously valued cost of $1.2bn. The sale was first announced on May 15, 2023 and the NeoGames Board believed the terms of the acquisition to be fair.
NeoGames offers solutions for companies working with iGaming and iLottery services. The supplier offers proprietary technology platforms, two game studios and a range of other services.
“We are excited to have successfully closed this transaction and joined forces with the Aristocrat team to further drive our success across iLottery, iGaming, and online sports betting,” NeoGames CEO Moti Malul said.
“We firmly believe that this transaction represents a great outcome for all of Neo’s shareholders, customers and employees. We are very grateful to all our stakeholders who have supported us since our inception. I would also like to thank all our employees for their commitment in making Neo the great company it is today.”
Aristocrat plans to combine its creation of mobile and casino games with the solutions NeoGmes already has in place for those industries. The payment for the shares will be made as an all-cash transaction.
The company remains as a partner to its customers worldwide as it works to maximize revenue potential through various offerings that include regulation and compliance, payment processing, risk management, player relationship management and player value optimization.
This new development also comes off a financially successful year for Aristocrat, seeing a 13% revenue increase from 2022 to 2023.
