In Las Vegas on Friday, Jan. 5, 2018, Scientific Games Corporation (NASDAQ: SGMS) announced that it had completed the previously announced acquisition of NYX Gaming Group Limited (TSXV: NYX).
The completed sale comes on the heels of the Dec. 20, 2017, majority approval by NYX Gaming Group Limited’s shareholders of Scientific Games acquisition of the company for $631 million by way of a court-sanctioned “scheme of arrangement” under Part VIII of Guernsey Law.
Per the press release, as the acquisition has now been completed, it is expected that the NYX ordinary shares will be delisted from the TSX Venture Exchange either on or before the close of business on Wednesday, Jan. 10, 2018.
Chief Executive Officer and President of Las Vegas-based Scientific Games, Kevin Sheehan, said, “Today, Scientific Games moves forward as a leading digital provider of sports betting, iGaming and iLottery technologies, platforms, content, products and services.” Sheehan added, “As we look to 2018, we are truly excited by the opportunities that this acquisition presents to us,” according to the press release.
The two companies together form an industry-leading force across Sports, iLottery and iGaming and will be in the perfect position to take advantage of future regulatory developments in sports betting and real-money wagering by the addition of NYX’s industry-leading OpenBet Sportsbook. Furthermore, NYX’s digital Sportsbook is capable of being seamlessly delivered throughout Scientific Games’ worldwide lottery and gaming networks in established and future regulated markets in the U.S. and globally.
Additionally, NYX’s customer base, markets and worldwide channels offer opportunities for new growth to further build on the significant momentum of Scientific Games’ already established interactive gaming business.
The transaction, according to the press release, will be accretive to earnings and cash flow this year.
The acquisition paves the way f 7BALL or Scientific Games to become a major player in nationwide sports wagering should the Supreme Court free states from the federal anti-gaming law, Professional and Amateur Sports Protection Act of 1992, and legalize sports betting.
