Light & Wonder Proposes to Buy Developer SciPlay for $422 Million
LISTEN TO THIS ARTICLE:Light & Wonder (L&W), the slots and online games supplier, has announced a proposal to buy online games developer and publisher SciPlay, which it values at $422 million.
In an open letter to the shareholders of SciPlay, the senior management of L&W has outlined the price to acquire SciPlay and some of the benefits of the acquisition. L & W already owns around 83% of the SciPlay company and has indicated it is prepared to offer $20 a share for the remaining 17% of the company required to complete 100% ownership of the company.
In a move that could be seen as preparation for this deal, L&W expressed a desire to be listed on the Australian stock market earlier this week.
Related: Light & Wonder conditionally approved for listing on Australian Securities Exchange.
SciPlay boasts a portfolio of social bingo, social casino, and casual games, and its immersive content has built up a loyal customer base. L & w has outlined some benefits that adding SciPlay as a wholly owned subsidiary of L&W would bring.
The collaboration between L&W and SciPlay will lead to seamless integration and enhanced cross-platform strategy, reducing costs to the company.
Also, L&W has indicated that if the balance sheet of both companies is combined, it will allow for greater flexibility in terms of investment between the businesses.
Light & Wonder, Inc. is pleased to propose acquiring the 17% equity interest in SciPlay Corporation that it does not currently own pursuant to a merger in which SciPlay’s shareholders, other than L&W and its subsidiaries, would receive $20.00 in cash for each share of SciPlay Class A common stock they own.
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