User:Light & Wonder Acquires Residual Shares To Acquire SciencePlay
Light & Wonder, a leading developer and publisher of land and digital gaming content, and Cyplay Corporation, a leading developer and publisher of digital gaming content, have entered into a definitive agreement for Light & Wonder to acquire the remaining 17% stake in Cyplay for $22.95 per share. The acquisition of a 17% stake in Cyplay, which will take full ownership of Light & Wonder under the agreement, will take place through all cash transactions already approved by the Light & Wonder board.
Best interests:
At the same time, the SciPlay Special Committee, comprising the company's outside directors, decided that the deal would be in the best interests of the company's shareholders, and the company's board of directors approved the sale of each company's shares on the recommendation of the Special Committee.
Matt Wilson, President and CEO of Light & Wonder said, "We look forward to fully integrating Cyplay and Light & Wonder to further accelerate our cross-platform strategy and create an even stronger and more efficient growth platform. As a cross-platform, the combined balance sheet will give us the flexibility to further invest in developing and launching great games and deliver improved returns to our shareholders."
Common Benefits:
Wilson added that combining the two teams at the global level will help the company grow into one unified company for the benefit of all stakeholders.
Gerald Cohen and April Henry, outside directors of Cyplay's board of directors and co-chairs of Cyplay's selection committee, said trading in the thematic equity interest segment was a good opportunity to provide a favorable position for both Cyplay and Light & Wonder. The Cyplay committee also carefully evaluated Light & Wonder's proposal, adding that it thought combining the leadership of the two development companies and Light & Wonder would be the best outcome for Cyplay shareholders. 카지노사이트 모음
The transaction will close in the fourth quarter of 2023:
The stake sale and acquisition now appear to mean a partnership of sorts as the deal between the two companies is consolidated around a common goal of pursuing the operation of two companies that do the same. Thus, the deal is expected to be completed as early as the fourth quarter of 2023, with the agreement approved in writing and with written consent from shareholders.
Revenue generated $731 million in the second quarter of 2023:
This does not require additional approval from the shareholders of the parties and allows the transaction to proceed smoothly. Upon completion of this acquisition, SciPlay will become a wholly owned subsidiary of Light & Wonder. The acquisition could be a means for the Las Vegas-based supplier to further boost revenue, which reached $731 million in the second quarter of 2023. As of June 30, 2023, the company reported a 9.1% quarter-over-quarter increase in revenue and is seeking further growth through its dealings with SciPlay.
