NeoGames Shareholders Approve Business Combination Agreement with Aristocrat Leisure
NeoGames, a leading provider of technology-driven iLottery and iGaming solutions, has announced that its shareholders have given their approval for the adoption of the previously announced Business Combination Agreement with Aristocrat Leisure Limited.
99% of the votes cast in favor
The agreement also includes Anaxi Investments Limited, a wholly-owned indirect subsidiary of Aristocrat, and the statutory continuation of NeoGames from Luxembourg to the Cayman Islands.
NeoGames is being valued at $1.2 billion in a deal where shares are being bought for $29.50 each. This price represents a 104% premium over the company’s three-month volume-weighted average stock price.
Approximately 86% of NeoGames’ outstanding shares were voted, with over 99% of the votes cast in favor of all proposals related to the acquisition. This marks the first of two shareholder approvals required to proceed with the acquisition.
The Continuation process is subject to certain conditions, including obtaining all necessary gaming, antitrust, and foreign investment regulatory approvals.
Upon satisfaction of the required closing conditions, including the approval of at least 66.7% of the shares entitled to vote at a second shareholder meeting, the completion of the proposed acquisition will be carried out through the merger of Anaxi Investments Limited with NeoGames.
Both Aristocrat and NeoGames are actively working together to fulfill the necessary steps to finalize the acquisition. The expected timeline for the completion of the transaction is during the first half of fiscal year 2024.
This shareholder approval represents a significant milestone in the journey towards completing the proposed acquisition and solidifies the positive prospects of the partnership between Aristocrat and NeoGames in the iLottery and iGaming industry.