Australian gaming corporation Aristocrat Leisure Limited has secured the last of the needed approvals to acquire iLottery and iGaming solutions provider NeoGames for about AUD1.5 billion ($962 million). The Nevada Gaming Commission led the regulatory approvals that will allow the acquisition to proceed.
Aristocrat announced that it had received all necessary preapprovals for gaming regulations, along with antitrust and foreign investment clearances. “This marks a further step towards completion of the acquisition, before the final NeoGames shareholder vote,” the company noted. The upcoming merger aims to enhance Aristocrat’s online gaming capabilities by integrating NeoGames’ expertise in iLottery solutions.
Tracey Elkerton, the chief compliance officer of Aristocrat, voiced her optimism during a Nevada Gaming Commission hearing, stating, “NeoGames and Aristocrat are continuing to work together to progress the remaining steps required to complete the acquisition.” The acquisition is set to finalize on April 25, 2024, with NeoGames expected to transition into a privately-held company.
As part of the deal, NeoGames will offer its iLottery platform and other services like Aspire Core, Pariplay, and BtoBet. Elkerton detailed that the financing strategy involves using existing resources and issuing shares.
Earlier, the Nevada Gaming Control Board had also recommended the acquisition’s approval and proposed licensing for Elkerton. John Taylor, chairman of NeoGames’ Board of Directors, commended Aristocrat for recognizing NeoGames’ market position and value. Post-merger, NeoGames is planned to relocate to the Cayman Islands under Aristocrat’s expanded operations.
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