Aristocrat Leisure Limited has officially concluded its acquisition of Neo Group Ltd, formerly known as NeoGames S.A., in a deal the company described as a ‘significant milestone’ in its expansion strategy.
The acquisition, initially proposed in May 2023, received ‘overwhelming’ support from NeoGames shareholders during the company’s second shareholder meeting on April 26 of this year.
The deal is expected to be worth some $1.2 billion for NeoGames, with a premium of approximately 104 percent on its share price.
NeoGames is mostly focused in content and technology solutions for online Real Money Gaming (RMG), iLottery, iGaming, and Online Sports Betting (OSB).
In an announcement, Aristocrat added that the integration of NeoGames into its operations would help amplify its gaming content, customer base, and operational capabilities across diverse channels and geographies.
As part of the deal, NeoGames will transfer its office from Luxembourg to the Cayman Islands, with a wholly-owned subsidiary of Aristocrat merging with the company and NeoGames being the ‘surviving company and a wholly owned subsidiary of Aristocrat’.
Following the merger, NeoGames will become a privately-held company and will no longer be listed on any public market.
The combined entity will operate under the name Aristocrat Interactive, with Moti Malul, former CEO of NeoGames, appointed as CEO of Aristocrat Interactive.
As part of the transition, Mitchell Bowen, CEO of Anaxi, will step down from his executive role, effective immediately. Bowen will continue to support the company in an advisory capacity until the end of 2024.
Aristocrat CEO Trevor Croker expressed enthusiasm for the acquisition, emphasizing its role in enhancing the company’s capabilities and global reach in the online RMG industry.
Croker commended Malul’s appointment and welcomed NeoGames’ team into the Aristocrat family, while also acknowledging Bowen’s significant contributions to the company over nearly two decades.
“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,” Croker pointed out in the announcement.
