Maltese online gaming solutions pioneer Aspire Global Limited has announced that its formal bid committee has unanimously recommended that shareholders accept the around $477.2 million takeover offer that was recently made by Israeli iGaming technologies firm NeoGames SA.
Headquartered in the Valletta suburb of Sliema, the developer used an official Monday press release to detail that the proposal lodged only yesterday would see its investors receive approximately $12.26 for every share they hold to give NeoGames SA control over roughly 66.96% of its entire shareholding.
Established in 2005, Aspire Global Limited offers online casino and sportsbetting operators around the world a variety of solutions that run from management, risk and payment facilities to customer support and acquisition optimization services. The Stockholm-listed company revealed that the offer from Tel Aviv-headquartered NeoGames SA represents a 41% premium on its Monday closing price of about $8.65 to value the whole business at between $500 million to $600 million.
Tsachi Maimon serves as the Chief Executive Officer for Aspire Global Limited and he used a second press release to declare that his firm has been on ‘an amazing journey’ over the last few years and seen its ‘substantial organic growth’ accompanied by ‘value-creating acquisitions.’ The boss went on to describe the proposed merger with NeoGames SA as ‘the natural next step for our company’ as it endeavors to ‘further enhance its scale and competitive position across all business lines.’
Read a statement from Maimon…
“The objective of the combination is to generate significant long-term value for both sets of shareholders by synergistically capitalizing on the key strengths of our two platforms and positioning them both for expansion in new and existing markets. We believe that the irrevocable commitment by a significant portion of our shareholders to elect to receive the entirety of the equity component of the deal, subject to proration, suggests strong conviction in the future of the two companies. Not only is this a strategic fit, it is also a strong cultural fit, as significant parts of both management teams worked together extensively during our inception.”
For his part and the Chief Executive Officer for NeoGames SA, Moti Malul, proclaimed that he was ‘thrilled to announce this highly strategic transaction,’ which is to be funded via existing cash reserves and the issuance of new shares. He furthermore asserted that the proposal will hopefully involve the creation of one company to serve as a leader in the provision of ‘interactive content, proprietary technology and operations across all elements of the iLottery, online sportsbetting and iGaming verticals.’
Malul’s statement read…
“By integrating our market-leading platform and scalable position within the rapidly expanding global iLottery market with Aspire Global Limited’s BtoBet proprietary sportsbetting platform, Pariplay iGaming content and aggregation platform and proprietary content and turnkey business-to-business gaming solutions, NeoGames SA will be positioned to significantly increase its addressable market opportunities.”