The Nevada Gaming Commission has permitted the Aristocrat to acquire NeoGames for a cash sum of $962 million.
At present, the acquisition procedure is in progress; upon its conclusion, Aristocrat will have the potential to enter the ilottery market and broaden its footprint in the online gaming sector.
NeoGames was established in 2014 in the form of an offshoot of Aspire Global. This was a B2B gaming business based in Europe. The takeover will place Aristocrat at the top of the list of iGaming companies.
The Commission presented the certification to Tracey Elkerton, who holds the position of Chief Compliance Officer at Aristocrat. Additionally, she holds the position of director at a number of the organization’s subsidiaries, including Aristocrat Technology Gaming Systems, which is in the process of acquiring NeoGames. In her words, this is going to be the opportunity they were waiting for to venture into the iGaming space.
Elkerton informed the Commission that Aristocrat is confident this acquisition will revolutionize their business and set them up for success in the online gaming industry, where they aspire to be the market leader.
Executives at NeoGames were subject to thorough background checks, according to Elkerton. The proposal to acquire NeoGames, including its four complementary business segments, including Aspire Core, was approved by Aristocrat in May 2023, after the company was deemed suitable with no objections. This provides a comprehensive solution platform and managed services with an emphasis on iGaming and online sportsbook operators. BtoBet and Pariplay are the others.
As per the understanding between the two companies, the funds related to the takeover will come from the present cash, the usage of internal dividends, and the offering of loans to the company. Shares will also be released towards the last payment.
The acquisition will result in the integration of Aristocrat’s content with the platform and technology of NeoGames. In addition, a suitable management team will be assembled.
Throughout the acquisition procedure, NeoGames will relocate to the Cayman Islands. In conjunction with ceasing trading on the NASDAQ, a voting session will be held to reaffirm the takeover.
As per Alkerton, the company has received external investment as well as the required permissions for a successful closure; therefore, the company’s future appears bright.
From the point of view of Commissioner Brian Krolicki, Aristocrat sure does have his endorsement and will light up the iGaming space.
As for Elkerton, she is originally from Australia and has been engaged to Aristocrat for the past 26 years.
