NeoGames is closing in on its takeover of Aspire Global after the latter applied for the delisting of its shares from the Nasdaq First North Premier.
The application was filed following a request from NeoGames, who made a “transformational” €410m offer for Aspire which was ‘unanimously recommended’ by the board in January.
NeoGames, who hailed the “unrivalled innovation” in its ilottery sector following revenue growth earlier this year, now control 98.25% of Aspire’s outstanding shares and votes.
This has prompted NeoGames’ Board of Directors to make a move to speed up the process of its full takeover.
The ilottery provider had extended the acceptance period for its offer to the remainder of Aspire’s shareholders to yesterday at 5pm CEST, and on June 4, requested a compulsory redemption of the remaining Aspire shares.
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.
Issuing a 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.”