Australian gaming supplier Aristocrat Leisure Limited has completed the sale of its Aristocrat Lotteries business to gaming technology and services supplier Playtech.
Playtech had agreed to acquire the business for €10.5m earlier this month, a deal which the company said would enable it to expand and diversify its retail and video lottery terminal (VLT) market share in key jurisdictions.
Aristocrat Lotteries is based in Stockholm and is the exclusive server-based gaming provider for Norwegian lottery Norsk Tipping’s VLT offering, and also supplies its system to a major operator in Italy.
The company has also recently completed a successful pilot project in another well-established regulated European country which, if commercialised, is expected to deliver further revenue opportunities, Playtech revealed at the time of the announcement.
Aristocrat said that it will now sharpen its focus on its recently completed Video Gaming Technologies acquisition.
“In particular, we will continue to leverage our premium game content across priority, high value segments and markets, including North American gaming operations, digital and core outright sale markets,” said Aristocrat CEO and managing director Jamie Odell. “The sale of the lotteries business will allow management to focus on these growth areas to deliver optimal returns on the group’s design and development spend.”
Shares in Aristocrat Leisure Limited (Co. Data) (ASX:ALL) closed marginally down 0.66 per cent at AUD$3.01 per share in Sydney earlier today, while shares in Playtech plc (Co. Data) (LSE:PTEC) were up 0.91 per cent to 724.50 pence per share in early trading Wednesday in London.