Aristocrat has announced that it has agreed to acquire RMG content and technology solutions company NeoGames for AU$1.8 billion ($1.2 billion), to be funded with ‘existing cash’.

The proposed acquisition price represents a 104 percent premium on the company’s shares, with a cash price of $29.5 per share.

The company notes that the acquisition is aimed at ‘positioning Aristocrat with global scale and capability immediately in the growing $81 billion online RMG segment’, offering ‘significant international growth opportunities globally’, particularly in North America.

It also represents an entrance into the iLottery market, with NeoGames holding roughly 67 percent segment share in the US market.

NeoGames, Aristocrat,

Speaking about the acquisition, Aristocrat’s CEO, Trevor Croker, notes that “Bringing together NeoGames and our growing Anaxi business will position Aristocrat with global scale and capability in the growing online RMG industry. Through the acquisition of NeoGames and its industry-leading global online RMG platform, this transaction will deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery and Online Sports Betting operators globally”.

The purchase encompasses four RMG business units – NeoGames, AspireCore, Pariplay and BtoBet.

Aristocrat also announced that it was further increasing its share buy-back program, by AU$500 million ($332 million), bringing the total program to AU$1.5 billion ($1 billion). The share buy-back is now expected to run until May 31st of 2024.