Interactive

Aristocrat given all approvals to buy Neo Games

By Phil - 19 April 2024

Aristocrat and NeoGames, a technology-driven provider of end-to-end iGaming and iLottery solutions, has confirmed that all necessary regulatory approvals required for the completion of the business combination have been received or waived.

Aristocrat announced the deal to buy Neo Games in May 2023 for A$1.5bn. In addition, all antitrust and foreign investment regulatory clearances have been received. This marks a further step towards completion of the Acquisition, before the final NeoGames shareholder vote.

The approvals included one fro the Nevada Gaming Commission.

Tracey Elkerton, Aristocrat’s Chief Compliance Officer, explained to the Commission that the deal would bring ‘significant revenue opportunity’ by joining Aristocrat’s content with NeoGames’ platform and technology.

“We believe this transaction will be transformational to our business and lay the foundation to fulfill our ambitions to be a leader in the online gaming,” she said. “A lot has to happen between now and close. The first step is that NeoGames will redomicile to the Cayman Islands and we’re targeting April 24 for that to occur. NeoGames, currently traded on NASDAQ will cease trading and finally NeoGames will hold a shareholder meeting as a Cayman company and shareholders will be asked to vote again to approve the merger of the two entities. We do not anticipate any obstacles to completing these steps. We anticipate closing will occur immediately after the shareholders vote on the 25th.”

Commissioner Brian Krolicki decribed Aristocrat as a ‘fine’ company with ‘scope and breadth.’

He said: “It’s exciting not only for your company, but for the gaming industry and Nevada. With the explosion of online gaming, I can see why it’s such a compelling business proposition for Aristocrat.”

A spokesperson ofr neoGames added: “NeoGames and Aristocrat are continuing to work together to progress the remaining steps required to complete the acquisition. The final shareholder meeting of NeoGames to vote on the acquisition is scheduled to be held on or about April 25, 2024, with completion of the acquisition expected to occur on or about April 25, 2024.”