{"id":9170,"date":"2023-05-15T22:37:28","date_gmt":"2023-05-16T02:37:28","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/neogames-stock-soars-on-acquisition-by-australias-aristocrat-leisure\/"},"modified":"2023-05-15T22:37:29","modified_gmt":"2023-05-16T02:37:29","slug":"neogames-stock-soars-on-acquisition-by-australias-aristocrat-leisure","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9170","title":{"rendered":"NeoGames Stock Soars on Acquisition by Australia’s Aristocrat Leisure"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n NeoGames
\n shares were soaring Monday after it agreed to be bought by Australian gambling technology developer
\n Aristocrat Leisure.<\/span>
\n \u00a0It is a deal which underlines the race to secure positions in online gambling in the U.S. <\/p>\n

\n Aristocrat
\n (ticker: ALL.Australia), known for its slot-machine manufacturing business, will pay $29.50 a share in cash for
\n NeoGames
\n (NGMS), valuing the company at around $1.2 billion. NeoGames offers gambling software, including a digital lottery platform. <\/p>\n

\n

NeoGames shares more than doubled to $27.27 a share in early trading Monday. <\/p>\n

Aristocrat said the deal valued NeoGames at 15 times its adjusted earnings before interest, tax, depreciation, and amortization for calendar 2023.<\/p>\n

\u201cThe NeoGames team has built a great company with a strong platform and differentiated assets and we are pleased that Aristocrat recognizes the value we\u2019ve created as a leader across iLottery, iGaming and online sports betting,\u201d said John Taylor, chairman of the NeoGames board.<\/p>\n

NeoGames surged after its initial public offering in late 2020 and briefly traded as high as $70 a share in 2021, but the stock has tumbled as initial excitement over the legalization of online gambling in various states in the U.S faded. <\/p>\n

\u201cWe are constructive on the proposed sale for NeoGames. While we remain believers in the long-term high-quality iLottery opportunity, the likely gradual rollout across the U.S. coupled with a difficult macro environment for illiquid stocks presented a challenging outlook,\u201d analysts at
\n Stifel
\n wrote in a research note on Monday. <\/p>\n

The Stifel analysts said there appeared to be little risk of the deal not closing and there was favorable read-across to gambling technology provider
\n International Game Technology
\n (IGT). \u00a0<\/p>\n

IGT shares were down 0.8% early on Monday. <\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NeoGames shares were soaring Monday after it agreed to be bought by Australian gambling technology developer Aristocrat Leisure. \u00a0It is a deal which underlines the race to secure positions in online gambling in the U.S. Aristocrat (ticker: ALL.Australia), known for its slot-machine manufacturing business, will pay $29.50 a share in cash for NeoGames (NGMS), valuing […]<\/p>\n","protected":false},"author":1,"featured_media":9171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-9170","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNeoGames Stock Soars on Acquisition by Australia's Aristocrat Leisure | iFintechWorld<\/title>\n<meta name=\"description\" content=\"NeoGames shares were soaring Monday after it agreed to be bought by Australian gambling 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