Light & Wonder Revives SciPlay Acquisition Plans at 28.5% Premium
Light & Wonder has revived its plans to acquire the remaining shares in SciPlay, aiming to strengthen its cross-platform strategy and make SciPlay a wholly-owned subsidiary. The proposed acquisition, representing a 28.5% premium, seeks to benefit SciPlay's public shareholders with a compelling mix of certainty, speed, and premium value.
Light & Wonder currently owns approximately 83% of SciPlay's economic interest and 98% of its voting interest. The proposed acquisition seeks to acquire the remaining 17% equity interest in SciPlay, totaling $422 million. The transaction represents a 28.5% premium based on SciPlay's closing stock price on May 17, 2023, with Light & Wonder proposing to pay $20 in cash per share for SciPlay Class A common stock, valuing SciPlay at $2.1 billion.
The acquisition aims to facilitate a seamless collaboration with SciPlay and add momentum to Light & Wonder's cross-platform strategy. Light & Wonder's CEO, Matt Wilson, stated that SciPlay's public shareholders would benefit from a compelling mix of certainty, speed, and premium value. Light & Wonder does not expect the transaction to require approval from regulators or shareholders, aiming to simplify and speed up the process. Notably, Light & Wonder recently announced an expansion of its OpenGaming content with Rogue Games at the end of April.
Light & Wonder's proposed acquisition of SciPlay, at a 28.5% premium, seeks to benefit shareholders and strengthen its cross-platform strategy. The transaction, valued at $2.1 billion, is expected to proceed smoothly without regulatory or shareholder approval.
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