Aristocrat Agrees to Pay $1.2 Billion for Nasdaq-Listed NeoGames
15 May 2023 - 9:32AM
Dow Jones News
By Stuart Condie
SYDNEY--Australian gaming technology developer Aristocrat
Leisure agreed to pay $1.2 billion for Nasdaq-listed NeoGames.
Aristocrat on Monday said that it had offered $29.50 a share in
cash and will fund the transaction with its existing cash reserves.
NeoGames shares last traded at $12.84, having dropped 11% on Friday
following its first-quarter results.
ASX-listed Aristocrat said the deal valued NeoGames, which
offers products including a digital lottery platform, at 15 times
its adjusted earnings before interest, tax, depreciation and
amortization for the 2023 calendar year.
It expects to complete the acquisition in fiscal 2024 and for it
to be earnings-per-share accretive from fiscal 2025, once
amortization of acquired intangibles is stripped out.
NeoGames's board has recommended the proposal, Aristocrat
said.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
May 14, 2023 19:17 ET (23:17 GMT)
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