Light & Wonder to purchase remaining public SciPlay shares
The two companies’ agreement will be giving Light & Wonder the green light to purchase around 17% of SciPlay’s shares that are not under its portfolio for 22.95 dollars per share, which is more than 15% higher than the latter’s stock valuation of 19.65 dollars before the announcement.
The contract has gone through several stages of approval. In addition to receiving the approval of its own Board, Light & Wonder has also gotten the green light from a dedicated committee of independent directors of SciPlay that have consulted with various third-party advisors and come to the conclusion that the purchase of the company’s remaining shares will provide existing shareholders an enhanced value.
Matt Wilson, Light & Wonder’s CEO and President, remarked:
“We are excited to be able to bring the entirety of SciPlay under the Light & Wonder umbrella, boosting our expansion ambitions and establishing enhanced conditions for growth. Combining our resources and efforts will allow us to focus more on our core operations to deliver leading gambling experiences around the world. We are eager to unite our professional teams to grow together in the industry.”
The transaction is estimated to be finalized sometime in the year’s last quarter.