Aristocrat Leisure → NeoGames S.A.
completedASX-listed Aristocrat Leisure agreed to acquire 100% of Nasdaq-listed NeoGames S.A., a global iLottery and online gaming platform provider, for US$29.50 per share in cash. The deal implied an enterprise value of approximately US$1.2 billion (A$1.8 billion). Announced 15 May 2023, the acquisition completed in late April 2024 after regulatory and shareholder approvals.
Aristocrat CEO Trevor Croker said the deal positioned Aristocrat with global scale and capability in the growing online real-money gaming (RMG) industry, combining Aristocrat's content, customer relationships and regulatory footprint with NeoGames' iLottery and iGaming technology platforms; the deal was expected to be earnings accretive from FY25.
NeoGames CEO Moti Malul said the company was "excited to join one of the world's most successful and respected gaming companies," citing the opportunity to scale NeoGames' iLottery, iGaming and sports-betting capabilities under a larger, better-capitalised parent, alongside a 104% premium cash offer for shareholders.
The US$29.50/share offer represented a 104% premium to NeoGames' three-month volume-weighted average price of ~US$14.45 through 12 May 2023, and NeoGames shares rose sharply toward the offer price on announcement. Specific Aristocrat (ASX: ALL) share price movement on the announcement date was not found in available sources.
Analysts and press described the deal as Aristocrat's strategic entry/scale-up in regulated global online real-money gaming, diversifying it beyond its core land-based and social casino gaming businesses.
Deal mechanics
Freshfields Bruckhaus Deringer US LLP and Conyers (legal) — advising Aristocrat
Stifel (financial); Latham & Watkins LLP and Herzog Fox & Neeman (legal) — advising NeoGames
All-cash acquisition of 100% of NeoGames S.A. at US$29.50 per share, funded from Aristocrat's existing cash on hand.
~US$1.2bn enterprise value / ~US$1.0bn equity value; 104% premium to 3-month VWAP.
Required NeoGames shareholder approval (66.7% threshold) plus gaming regulatory, antitrust and foreign investment approvals across multiple jurisdictions; completed April 2024.
Funded entirely from existing cash on hand (~A$1.8bn / US$1.2bn including transaction expenses); Aristocrat targeted post-deal net debt/EBITDA of ~0.7x.