Light & Wonder Wraps up Acquisition of SciPlay

Article by : Erik Gibbs Oct 24, 2023

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Light & Wonder Monday has completed the previously announced acquisition of the approximately 17% remaining equity interest in SciPlay Corporation that was not part of its existing ownership. The company acquired this outstanding equity interest for $22.95 per share in cash.

Light & Wonder initially submitted a proposal to purchase this stock in May 2023 and subsequently entered into a definitive agreement for the acquisition in August. The transaction received approval from Light & Wonder’s board of directors.

Matt Wilson, the President and CEO of Light & Wonder, expressed the benefits of fully integrating SciPlay with Light & Wonder, emphasizing the creation of a more streamlined organization with the financial strength to expedite its cross-platform strategy and enhance shareholder returns.

Wilson also highlighted SciPlay’s impressive performance and market results, underlining their confidence in building upon this momentum.

The merger of both entities aims to foster improved collaboration among their talented teams, enabling the development and deployment of engaging games across digital and land-based platforms to deliver a seamless, best-in-class player experience.

As part of the arrangement, SciPlay will function as a wholly-owned subsidiary of Light & Wonder, with SciPlay common stock no longer being publicly traded on the Nasdaq Global Select Market.

In August, Wilson had articulated that the acquisition of SciPlay would propel Light & Wonder’s cross-platform strategy, reinforcing their platform for growth.

Following the company’s rebranding as Light & Wonder from Scientific Games in April 2022, it has been divesting its interests in sports betting and lottery businesses, focusing on its gaming assets, which include land-based gaming, social casino and gaming products.

During the recent Global Gaming Expo in Las Vegas, Wilson highlighted the need to reconfigure Light & Wonder’s diverse set of assets, emphasizing the necessity to streamline the company’s core competencies.

Wilson mentioned that they had previously ventured into a wide array of markets and experienced high levels of leverage and debt, prompting a shift in the company’s focus towards more streamlined core competencies.

SciPlay is a prominent developer and publisher of digital games available on mobile and web platforms.

The company specializes in delivering highly engaging free-to-play games cherished by millions for their authenticity, interactivity and entertainment value.

SciPlay’s current game portfolio encompasses seven core titles, which include popular social casino games like Jackpot Party Casino, Hot Shot Casino and Quick Hit Slots, along with casual games such as MONOPOLY Slots and 88 Fortunes Slots.