Scientific Games Corporation (SGC) has just issued a press release stating that it has completed the acquisition of NYC Gaming Group. SGC is a gambling technology provider that is traded on the NASDAQ which has been trying to acquire NYX Gaming Group since September of 2017. Scientific Games Group acquisition of nyx gaming comes at no surprise to many investors.
The deal was finally approved after William Hill and Sky Bet gave their approval. These two companies are the main shareholders of the NYX Gaming Group. The acquisition proposal was placed to a vote in December of 2017. The voting results received a 99% approval for the takeover.
Kevin Sheehan, the Scientific Games Chief Executive Officer stated “Today, Scientific Games moves forward as a leading digital provider of sports betting, iGaming and iLottery technologies, platforms, content, products and services”.
“As we look to 2018, we are truly excited by the opportunities that this acquisition presents to us.”
Scientific Games Group and NYX Gaming Acquisition Details
The proposal to purchase NYX Gaming, an online gambling platform and software supplier was for a $630 million deal to acquire NYX assets outright.
Deutsche Bank Securities Inc. served as financial advisor to Scientific Games, and Cravath, Swaine & Moore LLP, McMillan LLP and Appleby (Guernsey) LLP served as legal advisors to Scientific Games.
Lazard and Macquarie Capital served as joint-lead financial advisors to NYX, and Latham & Watkins LLP, Carey Olsen LLP and Stikeman Elliott LLP served as legal advisors to NYX.
Now that the deal has been completed, Scientific Games Corporation is changing its digital services division around. It will incorporate NYG Gaming’s holdings and employees. The Digital Services Division will now be under the leadership of Matt Dave as the new SGC Group President of Digital Gaming. Mr. Dave previously held the position of CEN for NYX
According sportsbook pay per head reviews website, several sports betting software companies believe that the acquisition was made to acquire the popular “OpenBet System”. Secondarily, SGC Group will now be able to get a major foothold in the online sports betting industry as well as in the iLottery market.
NYX Gaming will stop trading on the stock market as Toronto TSX sometimes next week. On the other hand, shares of Scientific Games Corporation (SGC) are expected to rise in price.
For more details about the acquisition contact:
Scientific Games Investor Relations: Michael Quartieri +1 702-532-7658
Executive Vice President and Chief Financial Officer