Interactive
US – Light & Wonder makes offer for remaining shares in SciPlay
By Phil - 19 May 2023
Light & Wonder wants to buy the remaining 17 per cent of social casino division SciPlay that it does not currently own for US$422m.
The deal would enable ‘seamless collaboration with SciPlay that will add further momentum to the company’s already robust cross-platform strategy,’ according to Light & Wonder.
Light & Wonder’s President and CEO, Matt Wilson, said: “SciPlay’s public shareholders would receive an immediate and certain premium value for their shares in cash, obtaining liquidity and de-risking their investment in a volatile and uncertain market,” he states.
“Light & Wonder will not conduct due diligence and we do not expect consummation of the Transaction to require any regulatory approvals or the approval of Light & Wonder shareholders, simplifying and expediting closing the transaction. Further, Light & Wonder will not require any third-party financing to fully fund the transaction.
“Through our existing collaboration with SciPlay, we believe the Ttansaction would be operationally seamless, and we look forward to fully joining forces with SciPlay’s talented leadership team and employees to continue innovating on behalf of customers and players.
“Currently, Light & Wonder owns approximately 83% of the economic interest and 98% of the voting interest in SciPlay. In considering this proposal, it should be noted that, in our capacity as a shareholder of SciPlay, we are interested only in the transaction specified above with respect to the publicly traded shares of SciPlay and intend to vote in favor of such Transaction. We would not expect, in our capacity as a shareholder of SciPlay, to vote in favor of any alternative sale, merger or other corporate transaction involving SciPlay nor divest or sell any portion of our ownership interest.”
