Aristocrat Leisure Limited (ASX:ALL) today confirms that all conditions and requirements for closing under its agreement to acquire Neo Group Ltd, formerly known as NeoGames S.A. (“NeoGames”) (“Acquisition”) have been satisfied and that the Acquisition has now completed.
The Acquisition was overwhelmingly supported by NeoGames shareholders at the second shareholder meeting, with the required majority voting in favour of all proposals relating to the Acquisition.
Aristocrat’s proposal to acquire NeoGames was announced in May 2023. NeoGames is a global leader in content and technology solutions for online Real Money Gaming (“RMG”), with a full-service offering that includes content, proprietary technology platforms and a range of value added services across iLottery, iGaming and Online Sports Betting (“OSB”).
The successful acquisition of NeoGames materially advances Aristocrat’s ‘build and buy’ strategy, positioning the Group to compete in attractive online RMG verticals globally. The acquisition allows Aristocrat to leverage its world-class gaming content, customer relationships and expanding capabilities across an even broader range of channels and geographies, adding further to the Group’s resilience, and accelerating future growth.
New Business Unit name
The combined Anaxi and NeoGames operations will be managed as a single, integrated global business going forward under the name Aristocrat Interactive. This name leverages the strength of Aristocrat as one of the leading global gaming brands, and brings together diverse teams under a shared banner.
Leadership arrangements
Moti Malul, CEO of NeoGames, has been appointed CEO of Aristocrat Interactive. Mr Malul will report to Trevor Croker and joins Aristocrat’s executive leadership team.
Mr Malul is a proven iGaming and iLottery executive with over 15 years of experience within the NeoGames group and deep sector expertise. He spearheaded the growth of the NeoGames iLottery business, and the completion of successful M&A which transformed the business into a global leader and Nasdaq-listed public company across key online RMG verticals prior to acquisition by Aristocrat. Mr Malul will join Aristocrat along with many talented leaders from the NeoGames business.
Having led the delivery of Aristocrat’s ‘build and buy’ strategy to enter online RMG at scale, including the successful acquisition of NeoGames, Mitchell Bowen (CEO, Anaxi) is stepping down from his executive role, effective today. Mr Bowen will continue to assist Aristocrat in an advisory capacity through to the end of calendar 2024, supporting the business’ strategic priorities and ensuring a smooth transition.
Aristocrat CEO, Trevor Croker, said “We’re thrilled to welcome NeoGames to Aristocrat. 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 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.”
“I sincerely thank and acknowledge Mitchell Bowen for his outstanding contribution to Aristocrat over almost 20 years. 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.”
Revised Segment Reporting
With the completion of the acquisition of NeoGames, Aristocrat will adopt a revised segment reporting structure for the six month period to 31 March 2024, to better align to our strategy, management structure and growth expectations. From 1H24, performance will be reported under three primary segments, namely Aristocrat Gaming, Pixel United and Aristocrat Interactive.
Aristocrat confirms its results for the first half of fiscal 2024 will be released on 16 May 2024, as previously advised. In order to assist modelling and reconciliation of prior year results to the new reporting structure, Aristocrat will provide comparative half and full year financial results for 2022 and 2023 prior to release of its 1H24 results.
Authorised for lodgement by:
Anne Tucker
Company Secretary
Further information:
Investors: James Coghill
General Manager, Investor Relations
Mobile: (61) 412 426 272
james.coghill@aristocrat.com
Media: Peter Brookes
Citadel Magnus
Mobile: (61) 407 911 389
pbrookes@citadelmagnus.com
