Light & Wonder, Inc. announced that it has submitted a proposal to the board of directors of SciPlay Corporation to acquire the remaining 17 percent equity interest in SciPlay, its social gaming arm, that it does not currently own. L&W is offering $20 per share in an all-cash transaction valued at $422 million. Following the transaction, SciPlay would become a wholly owned subsidiary of Light & Wonder.
According to a statement by the company, the remaining interest in SciPlay would unify L&W’s businesses, enabling seamless collaboration with SciPlay that will add further momentum to the company’s robust cross-platform strategy; and would combine the L&W and SciPlay balance sheets, providing flexibility to invest cash across the enterprise where it will best drive shareholder value.
“The proposed consideration would imply an enterprise value of $2.1 billion for SciPlay and a premium of 28.5 percent based on the SciPlay closing stock price as of the close of business on May 17, 2023, the last trading day prior to the proposal,” said L&W President and CEO Matt Wilson said in an email to the SciPlay board.
“The proposed transaction offers SciPlay’s public shareholders a compelling combination of value, speed and certainty. SciPlay’s public shareholders would receive an immediate and certain premium value for their shares in cash, obtaining liquidity and de-risking their investment in a volatile and uncertain market.”
