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Filip Mishevski January 18, 2022 3 min read
NeoGames Plans to Purchase Aspire Global for $480M
NeoGames, a leading end-to-end iLottery provider, has announced that it made an offer to purchase 100% of Aspire Global’s shares. The current offer is $480 million. A statement by both companies reveals that the price per share is $38.01, the equivalent of SEK111.
The Purchase to Complete in Cash and Equity
The current offer by NeoGames includes purchasing all of Aspire Global’s outstanding shares via a combination of cash and equity. The details of the offer suggest that 50% of Aspire Global’s shares will be purchased at a price of $38.01. NeoGames will buy the remaining 50% of the shares, which consist of 7.6 million newly-issued shares, via equity consideration.
Aspire Global’s Bid Committee recommended its shareholders accept the offer, which is exactly what they did. Aspire Global shareholders, who collectively own 67.0% of the company’s outstanding shares, have irrevocably chosen to accept the offer. They will receive 100% of the NeoGames shares offered to them as their consideration (subject to proration), which allows all other Aspire Global shareholders the option to choose cash over the share/cash arrangement. Acceptance of the offer was recommended unanimously by an independent committee of Aspire Global directors.
Moti Malul, the chief executive of NeoGames, stated that the company is thrilled to announce this strategic purchase. The goal of acquiring Aspire Global is to create a leader in interactive content and all elements of iGaming, iLottery, and online sports betting.
By integrating NeoGames’ market-leading platform with Aspire Global’s leading products – Pariplay and BtoBet, as well as its turn-key B2B gaming solutions, Malul is confident that NeoGames will be able to increase its market opportunities.
NeoGames Is Expanding in the US
At the moment, NeoGames is focused on expanding its global reach and so far, it has recorded massive success in the US. The company is operational in Michigan, Virginia, New Hampshire, and North Carolina, but it is also in the process of acquiring iLottery contracts in Connecticut, Ohio, Massachusetts, Oregon, Maryland, Missouri, and Alaska.
The purchase of Aspire Global will help NeoGames in its expansion, especially when it comes to BtoBet, as the sports betting platform integrated with Bettarget.com during the summer of 2021 to put major emphasis on the US.
Aspire Global had a lot of success in the past couple of years, which is something that Tsachi Maimon, the CEO of Aspire, acknowledged. He said that the company had “an amazing journey” recently and that the transaction is just a natural step forward for the company. Maimon also added that the main objective is to generate long-term value for shareholders on both sides by capitalizing on the strengths of both Aspire and NeoGames.
Apart from the two companies being a strategic fit, Maimon considers NeoGames and Aspire to be a cultural fit as many members of both management teams have worked together during the inception of NeoGames.
Filip Mishevski has been covering online gambling and cryptocurrencies for the past few years. He has written countless articles, how-to-guides, insights and news, and is keen on sharing his extensive knowledge in the aforementioned fields. He’s very passionate about soccer and MMA and is interested in how the online gambling industry will shape our future and thus, influence our lives.
Business January 18, 2022