Light & Wonder Inc said today it has entered into a definitive agreement to acquire the remaining 17% equity interest in SciPlay that it doesn’t already own as part of a US$485 million deal.
The final agreement represents a price of US$22.95 per share, increased from the initial US$422 million at US$20.00 per share Light & Wonder offered as part of its initial proposal to the SciPlay Board of Directors in May.
The transaction is expected to close during the fourth quarter of 2023, subject to customary closing conditions, after which SciPlay will become a wholly-owned subsidiary of Light & Wonder.
“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.”
Gerald Cohen and April Henry, independent directors of the SciPlay board and co-chairs of the SciPlay Special Committee, added in a joint statement, “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.”