Warning: Undefined array key "post_type_share_twitter_account" in /var/www/vhosts/casinonewsblogger.com/public_html/wp-content/themes/cryptocurrency/vslmd/share/share.php on line 24
Aristocrat Leisure Limited, a leading entertainment and content creation company, has completed the $1.2 billion acquisition of famous iGaming and iLottery provider Neo Group Ltd, formerly known as NeoGames SA. According to the company’s press release, the $29.50 per-share acquisition was supported by the majority of NeoGames’ shareholders at the recent meeting to consider the transaction completed.
Acquisition Completed:
The process began in May 2023, when Aristocrat Leisure announced its intention to acquire NeoGames, a leading technology and platform supplier for online real money gaming (RMG) operations. NeoGames also delivered significant value in the area of online sports betting (OSB) technology, iGaming, and iLottery operations. At the time of the announcement, 12 May 2023, NeoGames shares were 104% less than Aristocrat Leisure’s $29.50 offering per share.
Merging NeoGames with Anaxi:
Aristocrat’s offer totaling $1.2 billion included the acquisition of NeoGames statutory seat, registered office, and seat of central administration. NeoGames was to be merged with Anaxi, a fully-owned Aristocrat subsidiary and moved to the Cayman Islands. Under the acquisition proposal, NeoGames shares would be canceled and no longer available on the public market, based on a reportedly fair cash compensation.
Transaction Details:
The NeoGames’ Board of Directors agreed with the proposal. The company’s majority shareholders possessing around 20.382.242 shares, or about 61% of the total amount, also approved the acquisition and the two companies entered the transaction. The transaction launched in May 2023 was anticipated to take around 12 months to complete. Indeed, customary closing conditions and regulatory approvals have been obtained and the completion is announced in the Aristocrat Leisure press release dated 26 April 2024.
Launching Aristocrat Interactive:
According to the same source, Aristocrat will use the NeoGames expertise to enhance the Group’s competitiveness in delivering world-class gaming content across a range of global distribution channels. For such purpose, NeoGames merges with Anaxi to launch a global integrated business under the name Aristocrat Interactive. Motil Malul, CEO of NeoGames, will reportedly be appointed CEO of Aristocrat Interactive. As a new member of the executive team, Malul will report to Trevor Croker, CEO of Aristocrat Leisure Limited.
NeoGames CEO Becomes CEO of Aristocrat Interactive:
With a 15-year executive experience in the industry and in-depth iGaming and iLottery expertise, Motil Malul will join Aristocrat along with many NeoGames leaders to continue adding value to corporate operations. At the same time, Anaxi CEO Mitchel Bowen will step down from the executive role to continue rendering consulting services to Aristocrat by the end of 2024 to ensure a seamless transition.
Commenting on the completion of the transaction, Aristocrat Leisure CEO Trevor Croker reportedly said: ”We’re thrilled to welcome NeoGames to Aristocrat. The acquisition of NeoGames and its leading global online RMG platform adds to our increasing organic capabilities and will ensure that we deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery, and OSB operators globally. With our ambition to be the leading gaming platform for the regulated online RMG industry, the addition of NeoGames to our team advances our strategy to build global scale and capability.”
Integrating 1,200 People from NeoGames into Aristocrat:
Aristocrat CEO Trevor Croker congratulates Motil Malul on the appointment as CEO of Aristocrat Interactive and welcomes NeoGames’ leaders and teams of around 1,200 people from around the world to the Aristocrat’s business. Croker expressed his assurance that the NeoGames’ executive, leaders, and broader teams will seamlessly integrate into the company. Aristocrat CEO also thanks and acknowledges Mitchel Bowen for his contribution to Aristocrat over 20 years.
After the acquisition, Aristocrat will amend the segment reporting structure to start reporting performance under Aristocrat Leisure, Pixel United, and Aristocrat Interactive primary segments, according to the press release.