Light & Wonder, previously known as Scientific Games Corp, a flagship developer of land-based and digital games based in Las Vegas, Nevada, has reported its latest proposal to purchase the remaining 17% stake in digital gaming company, SciPlay Corp.

Light & Wonder’s offer:

“SciPlay’s board has received an offer from the company in which Light & Wonder proposes to pay US$20.00 per SciPlay share, in an all-cash contract valued at US$422 million,” according to a Thursday press release. In addition, if the deal closes, SciPlay would officially become a wholly owned subsidiary of Light & Wonder. In this regard, the suitor stated that “the transaction would unify Light & Wonder businesses and balance sheet, accelerating the company’s cross-platform strategy, and optimizing investment of capital.”

“The proposed consideration would imply an enterprise value of US$2.1 billion for SciPlay, and a premium of 28.5 percent based on the SciPlay stock price as of the close of business on May 17,” according to the announcement. Furthermore, in a letter to SciPlay’s board, Light & Wonder’s president and chief executive, Matthew Wilson, said: “The proposed transaction offers SciPlay’s public shareholders a compelling combination of value, speed and certainty.” Additionally, he stated that “his company would not require any third-party financing to fully fund the deal. The firm does not expect the deal to require any regulatory approvals or the approval of Light & Wonder’s shareholders.”

Second attempt to buy the remaining shares:

Right now, Light & Wonder possess around 83% of the economic interest and 98% of the voting interest in SciPlay. On that note, Light & Wonder’s CEO also said: “The company would not expect to vote in favor of any alternative sale, merger or other corporate transaction involving SciPlay, nor divest or sell any portion of our ownership interest.” However, this is Light & Wonder’s second attempt to purchase the remaining shares in SciPlay. During December 2021, the company removed its all-shares offer to purchase what was at the time a 19% remaining stake in SciPlay. Additionally, SciPlay was previously a wholly owned subsidiary of the then Scientific Games, and operated as its social gaming arm. But, during 2019, the parent directed an initial public offering of a minority interest in SciPlay.

Light & Wonder said on Wednesday that “it had received conditional approval from the Australian Securities Exchange for the company’s secondary listing on that bourse.” Furthermore, the company disclosed a net profit of US$27 million in the three months to March 31, compared with a loss of US$67 million a year earlier.

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One of the most successful betting and gaming companies in the world, 888 Holding Plc, is selling its Latvian operations. Famous brands owned by 888, WilliamHill.lv, and MrGreen.lv will be acquired by Paf Consulting Abp. The agreement was signed on May 19th.

The workflow remains intact:

Paf Consulting Abp, the famous Nordic game company, will acquire 888’s Latvian operations, which will be sold for €28.25 million. The initial payment will be €24 million worth, with additional earn-out, which could cost up to €4.25 million and would be paid next year. Since the Group is the owner of 90% of the entity’s shares, the initial amount will be used to cover the general corporate expenses. The transaction is cash-free and debt-free.

The local license in Latvian business will remain intact, despite the fact that it uses the William Hill and Mr Green brands for operating in the country. 888 will enable Paf Consulting to use the same licenses for a limited period of time.

The business will continue to work as usual without any major interruptions and changes in the workflow.

The transaction will be completed in the following weeks after the acquired business ends a relationship with 888’s suppliers and starts working with Paf.

A huge achievement for Paf:

Christer Fahlstedt, CEO of Paf, said: “For Paf, this is a good long-term investment in the Latvian market. We have been operating there since 2018, and we aim to build a stable position in the market. The gaming sites’ current customers will not notice any difference directly when we take over the business. For Paf, it also means that we will have a new office in Riga where more than twenty employees will become a part of Paf.”

This is a huge achievement for Paf since this acquisition will make the company the third largest one in the industry in the Latvian market.

Lord Mendelsohn, Executive Chair of 888, commented: “We continually review our asset base to ensure that we are only holding assets that both contribute to our long-term strategy and will maximize value for our shareholders. As a business, our relatively limited exposure in the Baltic region means that the region is not one of our core or growth markets where we prioritize our investments. The Latvian business is a high-quality, locally regulated business with an excellent team that has built a strong market position. I would like to express my sincere thanks to the team for their dedication during their time with the Group, and I am highly confident that under new ownership with Paf, the business will continue to flourish.”

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