The AS$500 million sale of a 52.5 percent stake in Australian slot manufacturer Ainsworth Game Technology to Austrian gaming giant Novomatic AG is nearing completion with approvals now in hand from the “majority of gaming regulators” necessary, according to Ainsworth Chairman Graeme Campbell.
Campbell told shareholders at Ainsworth’s annual general meeting last week that the deal, in which Novomatic is acquiring the majority stake of company founder Len Ainsworth, is near finalization.
“The regulatory approval process for the sale of shares by Mr. Ainsworth to Novomatic has progressed well,” Campbell said, according to Inside Asian Gaming. “I am pleased to advise that Novomatic has now received the necessary approvals from the majority of gaming regulators, including Nevada. We expect, subject to final regulatory approvals, to report completion as planned.
“I am encouraged by Ainsworth’s progress in executing on our planned strategic priorities.”
Two years in the making, Novomatic buying the stake is expected to widen Ainsworth’s markets throughout Europe and Asia.
Ainsworth CEO Danny Gladstone told the shareholders the company is expecting pre-tax profits in the first half of fiscal 2018 to be down year-over-year, citing regulatory delays in Australia, lower slot sales in Asia and a temporary drop in margin in North America. He said the company expects profits to return to growth in the second half of the year and its full year outlook is unchanged.
