Novomatic AG going forward with Australian acquisition
Novomatic AG recently announced that it is moving forward with the plan to obtain 52% of Aussies rival Ainsworth Game Technology Limited, after getting the necessary international regulatory approvals.
Gumpoldskirchen-based Novomatic AG specified that they are spending $354.5 million to acquire the regulatory stake at Ainsworth Game Technology Limited. If approved, the deal will mark as the biggest investment ever made in Australian history. The deal is expected to close on 5 January 2018.
The Approval Process
Novomatic AG said the approval process involves scrutiny from the gaming board officials in numerous jurisdictions across Australia and the United States. It also included the Nevada Gaming Control Board, meaning that it will become the first Australian firm to hold a license in Nevada.
Novomatic AG – About
Novomatic AG is one of the leading gaming technology companies across the world. They are famous for the great quality games they offer to casinos for casino players. The company was founded in 1980 and to date it has made a great name for itself.
Novomatic AG – Signing the Deal
Chief Executive Officer for AG, Harald Neumann, described the analysis that looked into every corporate division of the firm, as ‘enormously thorough’ also declaring the company as one of the few worldwide active companies to have passed the strict compliance checks from international authorities.
“A variety of independent licensing boards have said the deal can go ahead,” -said Neumann.
Sydney-based Ainsworth Game Technology first publicised the proposed transaction that involves 172.1 million shares in February 2016. This was before its directors suggested the tender three months later. The stake currently is being with the firm’s founder and Chairman, Len Ainsworth. Ainsworth is to retain a minor number of shares post-sale subject to employee options that is under the Len Ainsworth Option Share Trust.
Shares in Ainsworth Game Technology Limited are intentionally important for AG. Novomatic AG may be the world’s market leader in the gaming technology.