Pollard Banknote Limited has completed the acquisition of Next Generation Lotteries AS (NGL).
The lottery and gaming solutions specialist signed a definitive agreement to acquire 100% of the equity of NGL on December 30, 2020. The acquisition was subject to certain standard regulatory and third‐party consents, which have now all been obtained.
The acquisition purchase price is €36m, prior to standard working capital adjustments and certain deferred cash considerations, of which €32m will be payable at the time of closing. The remaining €4m will be paid upon the achievement of certain gross margin targets in 2021.
Approximately €27.4m of the purchase price was funded from the company’s existing cash resources and availability under its existing senior credit facilities, with an additional €4.6m of the purchase price satisfied by the issuance of 233,211 treasury shares of Pollard Banknote to the vendors.
NGL, a full solution supplier to the lottery industry, provides a retail lotto system and ilottery platform, as well as creating an omnichannel offering that increases lottery revenues and returns to good causes.
With a focus on Europe and Asia, NGL serves the likes of Loteries de Catalunya in Spain and is a provider of lottery services in several other international jurisdictions including Tunisia and Norway.
Doug Pollard, Co‐CEO of Pollard Banknote, said on the acquisition of NGL when it was announced at the end of last year: “We are thrilled with the NGL team joining Pollard Banknote. NGL will significantly expand our product offering for both retail and ilottery gaming and will be a strong complement to our North American leading joint venture, NeoPollard Interactive LLC.
“The recent worldwide growth seen in 2020 in omnichannel lottery sales, and particularly ilottery, highlights an important opportunity for lotteries around the world. With NGL’s expertise, we look forward to helping our lottery customers in Europe and around the world to increase revenues for the good causes they support.”
Earlier this month, Pollard Banknote congratulated the Nebraska Lottery on the launch of its Arcade Classics Super Ticket, the first-ever game featuring Tetris, Galaga, and Pac-Man in a big ticket format.