Light & Wonder Announces Purchase of Remaining SciPlay Shares
LISTEN TO THIS ARTICLE:Light & Wonder, the global leading games provider, has announced it is to buy the remaining 17% of SciPlay and complete the purchase.
Light & Wonder is prepared to offer $22.95 per share to buy the remainder of SciPlay, and this will make SciPlay the wholly owned subsidiary of the games provider.
Related: Light & Wonder proposes $422 million for SciPlay.
SciPlay is a leading developer of digital games that are supplied on mobile and online platforms. Its portfolio includes casino titles such as Jackpot Party Casino, Gold Fish Casino, Quick Hit Slots, and 88 Fortunes Slots.
This move from Light & Wonder comes shortly after the provider released its Q2 results, in which SciPlay was highlighted to have made a significant contribution to the revenues for the period. Bringing SciPlay under total ownership of Light & Wonder will strengthen both companies.
Related: Light & Wonder revenue surges by 20% in Q2 of 2023.
We are excited to fully unite SciPlay with Light & Wonder, further accelerating our cross-platform strategy and creating an even stronger and more efficient platform for growth, Our combined balance sheets will provide us with the flexibility to further invest in developing and launching great games cross-platform and deliver enhanced returns to shareholders. We look forward to bringing our world-class teams together and are excited to innovate and grow as one unified company for the benefit of our employees, players and shareholders.
Both Companies Recommend Offer
The proposed acquisition of the remaining shares of SciPlay has met the approval of the Board of Directors at Light & Wonder.
SciPlay has had to set up the SciPlay Special Committee which is made up of independent members of the board at SciPlay, who have been tasked with determining the best interests of the shareholders in the company. This committee has come back with a recommendation to approve the proposed transaction.
This transaction is a compelling opportunity to maximize value for SciPlay shareholders and favorably positions both SciPlay and Light & Wonder. Our committee conducted a careful evaluation of Light & Wonder’s proposal, with the support of independent financial and legal advisors, and we believe this combination represents the best outcome for SciPlay shareholders.
Completion Expected in Q4 this Year
The purchase of SciPlay will be subject to the normal legal checks and the acquisition is expected to be completed during the fourth quarter of this year.
Both parties have been given written assurance of consent by the necessary stockholders of SciPlay to conclude the deal.
Completion of the acquisition of SciPlay will make the company the fully owned subsidiary of Light & Wonder.
More Business News
RELATED TOPICS: Business
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Light & Wonder Announces Purchase of Remaining SciPlay Shares