NeoGames S.A. (NASDAQ:NGMS) today announced it's getting taken over by Aristocrat Leisure Limited (ASX:ALL), an Australian, publicly listed entertainment and content creation company.
The $29.50 per share, all-cash deal values the provider of iLottery and iGaming solutions at around $1.2 billion and represents an over 120% premium over NGMS' prior closing price.
Under the terms of the transaction, unanimously approved and recommended by NeoGames' board, the company will transfer its administration from Luxembourg to the Cayman Islands, and become a privately held, wholly owned subsidiary of Aristocrat.
"After careful consideration, the Board determined that Aristocrat’s proposal provides shareholders with compelling value, further validating the strength of the business that NeoGames has built," said NGMS' Board Chair John E. Taylor, Jr, while its CEO Moti Malul added: "We firmly believe that this Transaction represents a great outcome for all of NeoGames’ shareholders, customers and employees."
The parties expect to close the deal within the next 12 months, subject to customary closing conditions, including receipt of regulatory approvals and the approval of NeoGames' shareholders.
Shares of NGMS are gaining around 120% following the announcement, trading around $28.20.