Aristocrat’s multi-billion-dollar bid for Playtech is on track to close in the second quarter of 2022 after shareholders approved the sale of Finalto to Gopher Investments.
On 17 October, the boards of both Aristocrat and Playtech announced the terms of a recommended cash acquisition of the British software provider for £6.80 ($9.06) per share.
But Aristocrat’s offer was contingent on the $250m sale of Finalto, Playtech’s financial trading division, to Gopher Investments who had previously floated an informal offer of $4.05bn for the software provider.
Gopher shelved its bid on 19 November, but went ahead with its plans to acquire Finalto, thus allowing Aristocrat’s recommended acquisition to continue.
However, Playtech has also received an approach from JKO Play, though according to a statement released at the time, Aristocrat and Playtech are continuing to work together to implement the recommended acquisition.
Aristocrat CEO and Managing Director Trevor Croker, commented: “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.”
This just leaves Aristocrat to submit filings and seek all required anti-trust, foreign investment, financial regulatory and gaming approvals — a process that, according to the Australian business, is “progressing well.”
“Aristocrat’s offer for Playtech has been recommended by the Playtech Board, and is the only offer on the table for shareholders,” continued Croker.
“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.”