Scientific Games Steps Back from SciPlay Acquisition
Global provider of casino and online gaming technology, Scientific Games has withdrawn its all-stock offer to acquire the remaining 19 percent of SciPlay.
According to Barry Cottle, president and CEO of Scientific Games, the company which initially submitted its offer on July 15 2021, walked away after it decided that “this opportunity would not be prudent for our shareholders at this time.”
Scientific made the offer after selling its Lottery and Sports Betting businesses for about $7bn in transactions, scheduled to close in Q2, 2022.
SciPlay would have been made a wholly-owned subsidiary of Scientific Games if it had completed the transaction. However, after the withdrawal, Scientific still retains its 81 per cent economic interest and 98 per cent voting interest in SciPlay.
SciPlay remains a strategic asset and has the opportunity to drive meaningful value as it grows its social casino market share and expands into the $20bn casual genre leveraging its expertise in engagement and monetisation. We will continue to invest in this sector in a disciplined manner...Importantly, as we advance our strategy, we will continue to take a holistic approach to capital management as we focus on allocating capital to drive growth in earnings per share.