SYDNEY — Australian gaming know-how developer Aristocrat Leisure agreed to pay $1.2 billion for Nasdaq-listed NeoGames.
Aristocrat ALL, -0.67% on Monday mentioned that it had provided $29.50 a share in money and can fund the transaction with its current money reserves. NeoGames shares NGMS, -10.77% final traded at $12.84, having dropped 11% on Friday following its first-quarter outcomes.
ASX-listed Aristocrat mentioned the deal valued NeoGames, which affords merchandise together with a digital lottery platform, at 15 instances its adjusted earnings earlier than curiosity, tax, depreciation and amortization for the 2023 calendar 12 months.
It expects to finish the acquisition in fiscal 2024 and for it to be earnings-per-share accretive from fiscal 2025, as soon as amortization of acquired intangibles is stripped out.
NeoGames’s board has advisable the proposal, Aristocrat mentioned.