Aristocrat completes NeoGames acquisition

Sydney-listed Aristocrat Leisure has completed its acquisition of NeoGames after satisfying all conditions and requirements for closing.

First announced in May 2023, the acquisition was overwhelmingly supported by NeoGames shareholders at a second shareholder meeting this week, with the required majority voting in favour of all proposals relating to the acquisition.

Following completion, the combined Anaxi and NeoGames operations will now be managed as a single, integrated global business as Aristocrat Interactive.

NeoGames CEO Moti Malul has been appointed as CEO of Aristocrat Interactive and will join Aristocrat’s executive leadership team, reporting to Aristocrat chief executive Trevor Croker.

“We’re thrilled to welcome NeoGames to Aristocrat,” said Croker. “The acquisition of NeoGames and its leading global online RMG platform adds to our increasing organic capabilities and will ensure that we deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery and OSB [online sports betting] operators globally.

“With our ambition to be the leading gaming platform for the regulated online RMG industry, the addition of NeoGames to our team advances our strategy to build global scale and capability.

“I also congratulate Moti Malul on his appointment as CEO of Aristocrat Interactive, and also welcome NeoGames’ talented leaders and broader team of 1,200 people around the world to our business. Moti has worked closely with many of our leaders over the past 12 months through the successful acquisition and integration planning process, and will transition seamlessly into his expanded role.”

Malul commented: “We are excited to have successfully closed this transaction and joined forces with the Aristocrat team to further drive our success across iLottery, iGaming, and online sports betting. We firmly believe that this transaction represents a great outcome for all of Neo’s shareholders, customers and employees.

“We are very grateful to all our stakeholders who have supported us since our inception. I would also like to thank all our employees for their commitment in making Neo the great company it is today.”

Having led the delivery of Aristocrat’s ‘build and buy’ strategy to enter the online real money gaming (RMG) sector at scale, including the successful acquisition of NeoGames, Anaxi CEO Mitchell Bowen is stepping down from his executive role.

Bowen will continue to assist Aristocrat in an advisory capacity through to the end of 2024, supporting the business’ strategic priorities and ensuring a smooth transition.

“I sincerely thank and acknowledge Mitchell Bowen for his outstanding contribution to Aristocrat over almost 20 years,” continued Croker. “During his tenure, Mitchell held a number of executive roles, including CEO of both the Aristocrat Gaming business and Anaxi, and has been instrumental in fostering high performance, and our people and customer focused culture.

“I am delighted that Mitchell will continue with Aristocrat in an advisory capacity working with myself and other Aristocrat leaders over the coming period.”

With the completion of the acquisition of NeoGames, Aristocrat will adopt a revised segment reporting structure for the six-month period ended 31 March 2024.

From H1 FY24, the company’s performance will be reported under three primary segments - Aristocrat Gaming, Pixel United and Aristocrat Interactive.

Results for the first half of fiscal year 2024 will be released on 16 May.

Shares in Aristocrat Leisure Ltd (ASX:ALL) closed 2.12 per cent lower at AUD$40.20 per share in Sydney Friday.