NeoGames shareholders overwhelmingly supported the proposed merger transaction with gambling behemoth Aristocrat. The merger, which was announced in May, is expected to open up new potential for both companies as they join forces to offer a full portfolio of iGaming, iLottery, and online sports betting solutions.
NeoGames, one of the major independent software producers for slot machines, reached a watershed moment when 86% of its outstanding shares voted, with more than 99% in favor of the proposed merger. This favorable conclusion allows the merger to proceed, with NeoGames relocating its statutory seat, registered office, and central administration from Luxembourg to the Cayman Islands.
The merger deal, on the other hand, is contingent on a second important shareholder vote, which requires at least 66.7% approval. If this legislation is approved, NeoGames will merge with an Aristocrat company, with NeoGames emerging as the surviving corporation and becoming an Aristocrat subsidiary.
Aristocrat agreed to buy out all of NeoGames for $1.20 billion (£921.2 million/€1.07 billion) in a strategic move to boost its online gaming business. The transaction was unanimously approved by NeoGames’ board, demonstrating the company’s understanding of the value it delivers as a leader in the iLottery, iGaming, and online sports betting sectors.
The proposed merger has sparked interest and enthusiasm, with Aristocrat’s CEO and Managing Director, Trevor Croker, confirming the “great opportunities” that await both companies. Working as one, the amalgamated company seeks to provide a full variety of end-to-end solutions for online real money gambling companies.
Croker expressed confidence in the two companies’ combined power and potential, emphasizing the expansion of market opportunities and the realization of their full potential. The transaction is ideally aligned with Aristocrat’s growth strategy, which is centered on creating long-term value for its stockholders.
Aristocrat’s combination with NeoGames represents an important milestone in the company’s ambition of expediting online gaming initiatives through smart mergers and acquisitions. Aristocrat successfully purchased Roxor Gaming, launching a new digital subsidiary called Anaxi that combines Roxor and Pixel United, its mobile publishing arm, after earlier attempting to acquire Playtech.
NeoGames Chairman John E Taylor Jr. praised the acquisition deal, saying it provides compelling value to NeoGames stockholders. Taylor expressed satisfaction with Aristocrat’s acknowledgement of the value NeoGames has established as a leader in these domains, citing NeoGames’ robust platform and differentiated assets spanning iLottery, iGaming, and online sports betting.
Tsachi Maimon, President of NeoGames, emphasized the deal’s mutual benefit. Maimon stressed that NeoGames would become an intrinsic component of Aristocrat’s framework, allowing both firms to provide each other their greatest assets. The merger is viewed as a natural synergy to stimulate future growth in real money gaming, benefiting both businesses.
As the merger process moves forward, NeoGames anticipates finalizing the deal in the first quarter of fiscal 2024, subject to meeting closing conditions and obtaining appropriate gaming, antitrust, and foreign investment regulatory clearances. The future appears bright with the combined strength of NeoGames and Aristocrat as they embark on an exciting journey in the ever-changing world of online gaming. The collaboration is destined to reshape the landscape and elevate the bar for the iGaming sector, creating a lasting impression on both players and stockholders.
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