Aristocrat and NeoGames mark ‘substantial milestone’ in M&A process
The acquisition, announced in May, is predicted to complete in the first half of 2024.
NeoGames shareholders have approved an agreement with Aristocrat and Anaxi Investments for implementation. The previously announced agreement of the merger resulted in a vote of over 99% in favor of all proposals, and is the first approval necessary for the acquisition of NeoGames by Aristocrat.
NeoGames, founded in Luxemburg and based in Israel, provides iLottery and iGaming solutions internationally. Aristocrat, based in Australia, and its online division, Anaxi, posted revenue of AU$3.08bn (US$2.05bn) for H1 two months ago.
The continuation and adoption of the proposed acquisition will additionally entail acceptance of all required gaming, antitrust and foreign investment regulatory approvals. The merger will take place after particular closing conditions of the deal have been satisfied.
Brian Wyman, SVP of Operations & Data Analytics with the Innovation Group, previously commented about how fortuitous the deal will be for Aristocrat and its iGaming markets, when considering NeoGames’ recent achievements.
He said, “NeoGames’ successful sports, iLottery and online casino businesses are natural extensions for Aristocrat; which gains both NeoGames’ existing market access and a seasoned team ready to execute on broader expansion plans.”
A second shareholder meeting and approval by NeoGames’ shareholders, who hold at least 66.7% of the shares, is still necessary to move forward. Both Aristocrat and NeoGames are working to advance in all mandatory steps to bring the acquisition to completion.
A spokesperson with NeoGames said, “This approval represents one of the substantial milestones towards completing the proposed acquisition.” The acquisition is expected to occur during the first half of 2024.
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