Scientific Games Corporation announces that it is withdrawing its offer to acquire the remaining 19% equity interest in SciPlay that it does not currently own.
Scientific Games offered on July 15, 2021 to merge with SciPlay in a transaction that would have resulted in SciPlay shareholders, other than SGC, receiving 0.25 shares of SGMS stock for each share of SciPlay stock. The Company will retain its 81% economic interest and 98% voting interest in SciPlay.
In this regard, Barry Cottle, president and CEO of Scientific Games, has expressed that for the moment it would not be prudent to move forward with the acquisition and says: "We remain committed to our strategy of leveraging our unparalleled portfolio of hit franchises, world-class talent and premium content engine to develop great games fully cross-platform. SciPlay remains a strategic asset and has the opportunity to drive meaningful value as it grows its social casino market share and expands into the $ 20B casual genre leveraging its expertise in engagement and monetization. "
We must remember that Scientific Games announced the sales of its Lottery and Sports Betting businesses for approximately $ 7 billion in transactions that are on track to close in the second quarter of 2022. These proceeds will enable Scientific Games to drive improved shareholder returns through significantly- levering its balance sheet, investing in the core business and targeting accretive digital M&A to accelerate its growth strategies.
On the other hand, the company emphasizes that it continues to take decisive steps as it executes on its vision of becoming the leading cross-platform global game company.
SGC will also evaluate additional opportunities to allocate capital to best create shareholder value, including capital returns to shareholders, and will continue to be very disciplined with regards to M&A with a clear focus on optimizing returns for shareholders.
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