NeoGames Officially Acquired by Aristocrat in a Billion Dollar Deal
Almost one year after the deal was announced, Aristocrat Leisure has completed its acquisition of NeoGames.
Aristocrat announce acquisition of NeoGames has been finalized.
LISTEN TO THIS ARTICLE:Aristocrat agreed to pay $1.2 billion for NeoGames in May 2023, and at the time, they said that they hoped the deal would be completed within a year. Last week, Aristocrat said that it had received all the regulatory approvals it needed and then this week, NeoGames shareholders voted to approve the acquisition.
NeoGames will now merge with Aristocrat’s Anaxi subsidiary and it will become a single, integrated business known as Aristocrat Interactive. According to Aristocrat, the acquisition will help speed up future growth by giving it the ability to bring its own content and expertise to a wider audience.
We’re thrilled to welcome NeoGames to Aristocrat. The acquisition of NeoGames and its leading global online real-money gaming (RMG) platform adds to our increasing organic capabilities and will ensure that we deliver on our strategy by providing a portfolio of end-to-end solutions. With our ambition to be the leading gaming platform for the regulated online RMG industry, the addition of NeoGames to our team advances our strategy to build global scale and capability.
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NeoGames CEO to Run Aristocrat Interactive
Moti Malul, the former CEO of NeoGames, will become CEO of Aristocrat Interactive and report directly to Croker at Aristocrat. Malul was at the helm of NeoGames for five years, overseeing the growth of its iLottery segment and the merger with Aspire Global.
The current CEO of Anaxi, Mitchell Bowen, is to step down after assisting Aristocrat in an advisory capacity until the end of this year.
Changes to Financial Results Reporting
The completion of the acquisition means Aristocrat will change its method for reporting financial results. This change will take effect from the first half of the 2024 financial year, covering the six months up to 31 March 2024. During this period, the company’s performance will be segmented into three main divisions: Aristocrat Gaming, Pixel United, and Aristocrat Interactive.
Aristocrat is due to release its results on 16 May. To help the comparison and reconciliation of past results with the new reporting structure, the company will provide comparative data for the half and full-year financials of 2022 and 2023 before the H1 data is published.
In the last full year before the expected acquisition, NeoGames saw a 21.1% increase in revenue, reaching $254.4 million. These results were announced in early March, and NeoGames chose not to conduct an earnings call due to the upcoming acquisition.
Aristocrat, operating on a different financial calendar than NeoGames, announced its FY23 results in November. The company noted that its continuous strategic investments and diversification efforts resulted in a 13% increase in revenue, totaling AU$6.30 billion.
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