Light & Wonder now owns 100% of shares in SciPlay after closing a deal to purchase the previously outstanding shares still traded publicly.
The firm noted that the remaining 17% shares are in its control after agreeing a deal with SciPlay shareholders, in a move that will see the gaming technology developer become a wholly owned subsidiary of Light & Wonder and removed from the NASDAQ Exchange.
Under the terms of the deal sheet, Light & Wonder paid $22.50 per share in cash for the remaining 17% of SciPlay shares, meaning the full deal is worth around $500m.
“Fully integrating SciPlay with Light & Wonder creates a more streamlined organization with the financial strength to accelerate our cross-platform strategy and deliver enhanced shareholder returns,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.
“SciPlay continues to achieve record-setting results and market outperformance, and we are confident that together we will build on their considerable momentum. As one company, we will drive improved collaboration between our talented teams to build and deploy the most engaging games across our digital and land-based platforms and create a more seamless, best-in-class player experience.”
Despite previously holding 83% equity and 98% voting control, Light & Wonder aimed to bring SciPlay under full control to remove any stock exchange requirements separate from the Light & Wonder umbrella.
The process has been a relatively quick process as Light & Wonder opted against performing due diligence given its majority holding.
Light & Wonder is continuing its transformation into a focused online casino and slots-oriented business and the SciPlay takeover reflects these ambitions. It follows a transformative 18 months which has included a rebrand and the sale of its lottery and Openbet sportsbook platform businesses for around $6.3bn.