Light & Wonder, Inc. has announced the successful finalization of its pre-planned acquisition of the remaining 17 percent equity interest in SciPlay Corporation. This transaction was completed at the rate of $22.95 per share in cash, marking a strategic step in the company’s growth and development.

Implications of acquisition

Matt Wilson, who serves as the President and Chief Executive Officer of Light & Wonder, (in photo above), highlighted the profound implications of this acquisition. He stated, “The full integration of SciPlay with Light & Wonder not only marks a milestone but also creates a more streamlined and efficient organization. This development bolsters our financial strength, enabling us to expedite our cross-platform strategy, ultimately resulting in enhanced returns for our valued shareholders.”

Wilson continued to explain that the outstanding track record of SciPlay in terms of achieving record-breaking results and consistently outperforming competitors in the market. He expressed his confidence in the synergy that would be harnessed through this consolidation, stating, “Together, as one cohesive entity, we are poised to build upon the considerable momentum that SciPlay has generated. Our unified approach will foster improved collaboration among our teams of talented professionals, who will be dedicated to developing and deploying the most engaging and innovative games across our digital and land-based platforms. This, in turn, will create a more seamless, best-in-class player experience that our audience truly deserves.”

SciPlay no longer trading on Nasdaq

As a result of this acquisition, SciPlay will operate as a wholly-owned subsidiary under the banner of Light & Wonder. Subsequently, SciPlay’s common stock will no longer be available for public trading on the Nasdaq Global Select Market.

Matt Wilson also shed light on the strategic vision behind this acquisition. He said that the move was designed to optimize the utilization of the group’s three core segments, aiming to bring greater synergy and efficiency into the operations. This, in essence, entails simplifying the operating model by “cleaning up the platform” and aligning various businesses in a streamlined fashion. The goal is to remove complexity and foster a hyper-focused organization, primarily dedicated to developing outstanding games for deployment across three interconnected sectors: the land-based, iGaming, and social casino domains.

This strategic alignment aims to position Light & Wonder as a dominant force in the gaming industry, underpinned by a commitment to delivering top-tier gaming experiences.

Q3 2023 results

Light & Wonder is expected to report its third quarter 2023 results on Thursday 9 November 2023.

Related topics:

SiGMA’s next stop is Malta from 13 – 17 November

Treating crypto assets as a form of gambling would pose a risk (www.1rick.com)

Mansion Group announces permanent Gibraltar closure (www.1rick.com)

Sportech PLC announced proposed delisting after H1 results (www.1rick.com)