L&W announces plans to purchase the remaining SciPlay shares.
L&W announces plans to purchase the remaining SciPlay shares.
A plan to buy the remaining public shares of SciPlay for about $422 million (£340 million/€392 million) has been revealed by Light & Wonder (L&W).
SciPlay
The proposed acquisition would be valued at $20 per share, and the group already owns 83% of the economic stake in the social game company. Additionally, L&W holds a 98% voting interest in SciPlay.
Based on SciPlay's closing stock price as of the final trading day preceding the proposal, May 17, the consideration would indicate an enterprise value of $2.1 billion for the company and a premium of 28.5%.
If all goes according to plan, SciPlay would become a fully-owned subsidiary of L&W.
L&W claims that the agreement will facilitate smooth cooperation and unite its businesses in support of the group's cross-platform strategy. A merged financial sheet with SciPlay, according to L&W, would give them the freedom to allocate funds throughout the company in order to increase shareholder value.
Benefits to SciPlay's shareholders
In a letter to the board of the company, L&W president and CEO Matthew Wilson stated that the proposed deal provides SciPlay's public shareholders with a strong blend of value, speed, and certainty.
"SciPlay's public shareholders would obtain liquidity and de-risk their investment in a volatile and uncertain market by receiving an immediate and certain premium value for their shares in cash."
Wilson went on to say that L&W will not carry out due diligence and does not anticipate that the purchase will need shareholder or regulatory clearance. He added that L&W will finance the acquisition entirely without the need for outside funding.
"We think the transaction would be operationally seamless through our current collaboration with SciPlay, and we look forward to fully collaborating with SciPlay's talented leadership team and employees to continue innovating on behalf of customers and players," he stated.
Growth of SciPlay in Q1
Thanks to record-breaking results from its igaming and SciPlay, L&W reported a 17.1% year-over-year rise in sales for the first quarter of 2023 last week.
All of L&W's business areas saw double-digit growth during the quarter, with its gaming section continuing to be by far its major source of income.
First-quarter revenue was $670 million, up from $572 million during the same period last year. SciPlay brought in $186 million, igaming $65 million, and gaming $419 million.
Listing on the L&W ASX
The news follows L&W's acquisition of provisional clearance for a secondary listing on the Australian Securities Exchange (ASX) earlier this week. L&W will be allowed to be listed on the ASX's official list as an ASX Foreign Exempt Listing.
On May 22, the official quotation of L&W Chess Depositary Interests (or CDIs), each of which represents a fully paid share of common stock, is scheduled to begin.
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