Aristocrat Leisure

Aristocrat Leisure has announced the proposed acquisition of 100 per cent of NeoGames for a cash price of US$29.5 per share.

Completion of the acquisition is subject to, among other things, NeoGames shareholder approval and certain regulatory approvals. The acquisition represents a valuation multiple of approximately 15x NeoGames’ adjusted EBITDA for the 12 months to December 31, 2022.

The NeoGames board considers the terms of the acquisition to be fair and has recommended that NeoGames shareholders vote in favour.

The transaction values NeoGames’ fully diluted equity at approximately US$1bn (A$1.5bn). This represents a premium of approximately 104 per cent to the three-month volume weighted average price of NeoGames shares for the period ended May 12 of approximately US$14.45 and implies an enterprise value of US$1.2bn (A$1.8bn).

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NeoGames shareholders, who hold a total of approximately 20.4 million shares, representing approximately 61 per cent of NeoGames’ outstanding shares, have also executed an agreement pursuant to which they will vote in favour of the acquisition.

NeoGames is a global leader in content and technology solutions for the online RMG industry. Its full-service suite includes content, proprietary technology platforms and a range of value-added services across ilottery, igaming and online sports betting. It has around 1,100 staff and more than 200 customers across more than 50 regulated markets.


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