Light & Wonder has acquired the remaining approximately 17% equity interest in digital gaming business SciPlay Corporation that it did not previously hold. This all-cash transaction, valued at $22.95 per share, secures Light & Wonder’s position as the sole owner of the slot developer.
The anticipated completion of the deal is expected to occur during the fourth quarter of 2023, contingent upon satisfying customary closing conditions. The acquisition is valued at approximately $500 million and was now approved by the Board of Directors of Light & Wonder. With this development, SciPlay transitions from public markets, returning to the realm of private ownership under the L&W umbrella.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, stated: “We are excited to fully unite SciPlay with Light & Wonder, further accelerating our cross-platform strategy and creating an even stronger and more efficient platform for growth.”
“Our combined balance sheets will provide us with the flexibility to further invest in developing and launching great games cross-platform and deliver enhanced returns to shareholders.”
The decision to pursue this transaction was guided by evaluations conducted by SciPlay’s independent advisors and directors, which formed a special committee. The move was deemed to be in the best interest of the company’s shareholders, culminating in the green light for the acquisition.
Gerald Cohen and April Henry, Independent Directors of the SciPlay board and Co-Chairs of the SciPlay Special Committee, shared their insights on the transaction: “This transaction is a compelling opportunity to maximize value for SciPlay shareholders and favorably positions both SciPlay and Light & Wonder.”
“Our committee conducted a careful evaluation of Light & Wonder’s proposal, with the support of independent financial and legal advisors, and we believe this combination represents the best outcome for SciPlay shareholders.”
The transaction has received the approval of the holders of the requisite number of shares of common stock of SciPlay, thus eliminating the need for additional stockholder approval. Following the acquisition, SciPlay will transition into a wholly-owned subsidiary of Light & Wonder.