Following the SciPlay’s Board’s decision, Light & Wonder (formerly Scientific Games) has announced it will be acquiring the remaining 17% of equity interest in Sciplay that it does not currently own.
The agreement means that alongside acquiring the remaining 17% equity interest, L&W will buy this for $22.95 per share in an all-cash transaction.
SciPlay announced the formation of a ‘special committee’ by its Board of Directors to evaluate a proposal from global supplier Light & Wonder.
L&W’s Board of Directors and SciPlay’s special committee has approved the transaction.
Subject to customary closing conditions; the companies expect the transaction to be sealed by the fourth quarter of 2023.
Following the transaction, SciPlay will become a wholly owned subsidiary of Light & Wonder.
Matt Wilson President and CEO of Light & Wonder commented: “We are excited to fully unite SciPlay with Light & Wonder, further accelerating our cross-platform strategy and creating an even stronger and more efficient platform for growth.
“Our combined balance sheets will provide us with the flexibility to further invest in developing and launching great games cross-platform and deliver enhanced returns to shareholders.
“We look forward to bringing our world-class teams together and are excited to innovate and grow as one unified company for the benefit of our employees, players and shareholders.”
Gerald Cohen and April Henry, Independent Directors of the SciPlay Board and Co-Chairs of the SciPlay Special Committee, said: “This transaction is a compelling opportunity to maximise value for SciPlay shareholders and favourably positions both SciPlay and Light & Wonder.
“Our committee conducted a careful evaluation of Light & Wonder’s proposal, with the support of independent financial and legal advisors, and we believe this combination represents the best outcome for SciPlay shareholders.”
