The board of Scientific Games Corporation has disclosed its intentions to acquire the remaining 19% equity interest in casual games subsidiary SciPlay.
The transaction has been ordered to advance Scientific Games planned strategic overhaul, which will see the Nasdaq gambling technology group operate a solely focused casino games developer and content supplier.
SciPlay had been independently listed on Nasdaq in 2019, with Scientific Games choosing to separate its casual games studio from its flagship gambling technology units.
However, maintaining a majority investment in SciPlay, Scientific Games has executed the rights to acquire the remaining stock it does not currently own in an all-stock transaction.
“SciPlay fits perfectly into Scientific Games’ focus on building engaging content and launching great games more fully cross-platformed,” the statement read.
Scientific Games stated that outstanding SciPlay shareholders would be offered a premium for their investment, alongside the opportunity to investment in Scientific Games transformed business entity.
Leading Scientific Games strategic overhaul, Chairman Jamie Odell confirmed last month that the group would divest its lottery and sports betting technology units in a move to de-leverage the firm from its long-term debt of +$9.5 billion.
As a result, the board of Scientific Games is currently reviewing a ‘potential IPO’, the sale of respective assets or a combination with a SPAC’ with regards to the divestment of its lottery and sports betting units.
The developments of Scientific Games planned divestments are being closely watched by the industry, as the company’s OpenBet division operates the leading sportsbook platform for tier-1 gambling firms, with clients including William Hill, Sky Bet, Ladbrokes Coral and Paddy Power Betfair.