Australian gaming giant Aristocrat Leisure Ltd says its proposed acquisition of online gaming platform Playtech plc is closer to becoming reality after the target firm furthered the sale of its financial trading division, Finalto, to a shareholder.
Playtech confirmed overnight that shareholders had approved the sale of Finalto to Gopher Investments, which already holds a 4.97% stake in Playtech. Gopher had previously proposed its own full takeover of Playtech following Aristocrat’s initial offer in October but withdrew its offer last month.
In a filing, Aristocrat said the resolution to approve the disposal of Finalto satisfies a key condition of its offer, which continues to move forward ahead of a planned completion during 2Q22.
“The approval given by Playtech shareholders to dispose of Finalto meets a condition of Aristocrat’s recommended offer and is a further step forward in the completion process,” said Aristocrat CEO and Managing Director, Trevor Croker.
“Aristocrat’s offer for Playtech has been recommended by the Playtech Board and is the only offer on the table for shareholders. We believe that Aristocrat’s offer provides an attractive value and enhanced regulatory and financial certainty for Playtech shareholders, while the combined group will also provide greater opportunities for Playtech employees in a leading global organisation.”
“Aristocrat is well positioned to complete the transaction as planned in the second quarter of calendar year 2022.”
Aristocrat’s offer values Playtech at AU$3.9 billion (US$2.9 billion).