Light & Wonder to acquire SciPlay Corporation in $1.2 billion deal
SYDNEY, AUSTRALIA: Light & Wonder, Inc. (LNW), a leading developer and publisher of social games, has reached an agreement to acquire the remaining public shares of SciPlay Corporation (SCPL), a provider of casual and casino games, for $22.95 per share in cash, valuing the deal at approximately $1.2 billion.
The transaction will make SciPlay a wholly owned subsidiary of Light & Wonder and will unify its businesses and balance sheet, accelerate its cross-platform strategy and optimize its investment of capital.
The deal has been unanimously approved by the boards of directors of both companies, as well as by a special committee of independent and disinterested directors of SciPlay. The transaction has also been approved by the written consent of Light & Wonder’s subsidiary, which holds approximately 98% of the voting power of SciPlay’s common stock. No further approval of SciPlay’s stockholders is required to complete the merger.
“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, said, “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.”
The transaction is expected to close during the fourth quarter of 2023, subject to customary closing conditions.
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