Light & Wonder has entered a definitive agreement to acquire the remaining 17% equity interest in SciPlay, for $22.95 per share.
Once the acquisition closes, SciPlay will become a wholly owned subsidiary of Light & Wonder once again.
Matt Wilson, Light & Wonder President and CEO, said, “We are excited to fully unite SciPlay with Light & Wonder, further accelerating our cross-platform strategy and creating an even stronger and more efficient platform for growth.
“Our combined balance sheets will provide us with the flexibility to further invest in developing and launching great games cross-platform and deliver enhanced returns to shareholders.
“We look forward to bringing our world-class teams together and are excited to innovate and grow as one unified company for the benefit of our employees, players and shareholders.”
SciPlay, previously part of Scientific Games as its social gaming division, became its own independent company in 2019.
Three years later, Scientific Games would rebrand itself as Light & Wonder and would refocus its company, with plans to sell off its lottery and sports betting businesses.
Through the acquisition, Light & Wonder has now brought SciPlay home – so to speak – and will integrate its social casino games into its portfolio, including Jackpot Party Casino, Gold Fish Casino, Quick Hit Slots, 88 Fortunes Slots, Monopoly Slots and Hot Shot Casino.
Gerald Cohen and April Henry, Independent Directors of the SciPlay Board and Co-Chairs of the SciPlay Special Committee, commented, “This transaction is a compelling opportunity to maximize value for SciPlay shareholders and favorably positions both SciPlay and Light & Wonder.
“Our committee conducted a careful evaluation of Light & Wonder’s proposal, with the support of independent financial and legal advisors, and we believe this combination represents the best outcome for SciPlay shareholders.”
The acquisition is expected to close during the fourth quarter of 2023.
This announcement comes after Light & Wonder posted its Q2 results, featuring a 20% increase in revenue year-on-year.
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