Aristocrat Leisure Wednesday confirmed that shareholders of NeoGames voted to adopt the Business Combination Agreement entered into with NeoGames in May. Shareholders also approved the statutory continuation of NeoGames from Luxembourg to the Cayman Islands.
In June, Aristocrat Chief Product Officer Matthew Primmer addressed Nevada gaming regulators, stating the acquisition would give the Australian entry into the ilottery market.
NeoGames was licensed to operate in Nevada in May.
“It gives us global scale in the igaming markets,” Primmer said, “end-to-end solutions for igaming, ilottery, and online sports.”
According to Reuters, news that Aristocrat was acquiring the Israel-based online gaming solutions provider for approximately $1 billion caused stocks of both companies to increase. On May 15, U.S. shares of NeoGames traded at $28.22 before the bell, while Aristocrat ended 2.1% higher at A$39.51. Aristocrat will pay $29.50 per share to shareholders of the Nasdaq-listed firm for 100% of its shares, representing a premium of about 130% to NeoGames’ last close of $12.84.
The Continuation announced Wednesday will be completed following satisfaction of conditions including receipt of all required gaming, antitrust and foreign investment regulatory approvals. Completion of the proposed acquisition will occur through a merger of a wholly owned subsidiary of Aristocrat with NeoGames that will take place following the Continuation and the satisfaction of certain conditions, including approval by NeoGames shareholders holding at least 66.7% of the shares entitled to vote and present or represented at a second shareholder meeting.
The acquisition is expected to be completed in 2024.
