Poker machine giant Aristocrat Leisure has announced the sale of its mobile gaming business, Plarium, to Nasdaq-listed Modern Times Group for up to $1.25 billion (US$820 million). Aristocrat’s Pixel United subsidiary will sell Plarium for a fixed consideration of US$620 million, with an additional US$200 million contingent on achieving specific financial targets between 2025 and 2028.
Plarium contributed US$166 million to Pixel United's profits for the year ending September 30. The sale follows a strategic review of Aristocrat’s casual and mid-core gaming assets announced in May 2024. The company stated that this divestment is a significant milestone as it focuses on growth in its core areas: regulated land-based gaming, real money gaming, and social casino opportunities.
Aristocrat acquired Plarium for US$500 million in 2017, achieving a mid-teen internal rate of return. The company expects the transaction to result in a gain in FY25, with proceeds supporting its long-term growth strategy.
Shares of Aristocrat Leisure fell 1.9% on the Australian Stock Exchange, closing at $64.35, despite a 60% rise over the past 12 months. Jarden analysts, who have an 'overweight' rating on the stock, expect Aristocrat to meet its NPATA growth guidance in its FY24 results, scheduled for release on Wednesday.
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