NeoGames edges closer to takeover as Aspire apples for Nasdaq delisting

Aspire Global has applied for delisting of its shares from the Nasdaq First North Premier, following a request from takeover bidder NeoGames.

The decision was made by the B2B igaming solutions provider’s Board of Directors due to the latter company now controlling 98.25% of Aspire’s outstanding shares and votes. 

NeoGames had extended the acceptance period for its offer to the remainder of Aspire’s shareholders to yesterday at 5pm CEST, and on 4 June requested a compulsory redemption of the remaining Aspire shares.

Aspire’s Board moved ahead with the delisting to facilitate NeoGames’ full takeover, having been unanimously supportive of the proposed merger since the bid was announced.

The total offer amounts to a total of SEK 4.3 billion (€410m), representing SEK 111 (€11) per share – as of May 2022, Aspire’s share price increased by 270% following the announcement of NeoGames’ bid. 

According to the draft terms announced in early May, Aspire CEO Tshashi Maimon will continue to head the firm as President of a NeoGames igaming unit, with the latter’s business so far primarily focusing on ilottery products.

Commenting at the time, Maimon said: “Aspire Global is a high quality, leading supplier with a one-stop-shop in the regulated gaming industry. 

“Following the acquisition of Btobet, Pariplay, the recent investment in bingo, and the divestment of the B2C division, and now this potential merger with NeoGames, we will create a leading global supplier for the entirety of the igaming and ilottery space overnight.

“I strongly believe that the two companies are well-matched with a solid cultural connection forged over many years of working together which will facilitate meaningful revenue synergies.”

Issuing a further statement on the merger in Aspire’s Q1 trading results, Maimon argued that NeoGames’ bid was indicative of ‘the value the company has created’ since its listing on the Nasdaq in 2017. 

Aspire recorded total revenue of €46.3m (2021: €35.2m) and EBITDA of €8.2m during the first quarter, representing a respective year-on-year increase of 31.7% and 18.7%. 

“The offer by NeoGames, a technology-driven provider of end-to-end ilottery solutions, is a natural step for Aspire Global and a strategic fit,” Maimon remarked.

“Aspire Global is today clearly positioned as a leading igaming supplier in regulated markets. As part of the NeoGames Group, Aspire Global will continue to take advantage of its key strengths.”

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