Light & Wonder has completed a deal to acquire the remaining 17% equity interest in SciPlay that it did not previously hold.
Establishing the slot developer as a fully-owned subsidiary, Light & Wonder has completed the deal which is worth around $500m.
The all-cash transaction was completed for a price of $22.95 per share which will remove SciPlay from public markets and return it into private ownership under the Light & Wonder umbrella.
“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,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.
“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.”
The deal was concluded after a select group of SciPlay independent advisors and directors determined that the move was the best for shareholders, thus green-lighting the transaction.
Closure of the deal is anticipated to be complete during Q4 subject to certain conditions.
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 maximize value for SciPlay shareholders and favorably 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.”