Australian slot machine manufacturer Ainsworth Game Technology has announced 5 January 2018 as the completion date for the sale of founder Len Ainsworth’s 52% stake in the company to Novomatic.
In a filing to the Australian Securities Exchange, Ainsworth said it had been advised by Novomatic that the European gaming giant had received all of the regulatory approvals required, “thereby satisfying the last of the conditions precedent to completion of the transaction.”
The deal, which will see Novomatic acquire 172.1 million shares, is worth almost AU$500 million.
The two parties first entered into a sale and purchase agreement in February 2016 with Ainsworth shareholders approving the sale in June 2016, however completion of the deal has taken almost two years due to delays in gaining final approvals.
Novomatic has previously flagged the purchase as an opportunity to claim market share from Asia-Pacific’s dominant player Aristocrat, with Chief Technology Officer Thomas Graf telling the Sydney Morning Herald last year, “With so much consolidation, we all know it becomes more and more a numbers game going forward.
“We think by using the 2000 R&D experts in our group it will enhance the product offering and I think this is a realistic scenario to gain market share over Aristocrat going forward.”