Scientific Games closes in on NYX acquisition after double seal of approval

Scientific Games closes in on NYX acquisition after double seal of approval

Monday, December 11, 2017 Posted by Michael Lawson
Scientific continues to clear the hurdles in its $630 million pursuit of Toronto TSX-listed NYX.

Scientific Games Corporation (SGC) has edged closer to acquiring NYX Gaming Group, after purchasing William Hill Group’s shares in the firm and now receiving approval for the deal from Sky Betting & Gaming (SB&G).

SGC released a statement last week detailing that it will move to acquire William Hill’s entire 6.8 million ‘ordinary shares and convertibles’ in NYX. And the Nasdaq-listed corporation has now seen the prospective takeover receive the SB&G blessing.

SB&G currently holds 648,000 ordinary shares of NYX, in addition to 412,000 warrants and 37,400 convertible options gained through its 2016 co-funding of NYX’s acquisition of OpenBet.

SB&G CEO Richard Flint said: “We believe that the acquisition of NYX by Scientific Games delivers great value for us as a shareholder in NYX, and we look forward to continuing to work with a combined Scientific Games and NYX as more jurisdictions around the world look to legalize sports betting and online gaming.”

Meanwhile William Hill CEO Philip Bowcock commented on the purchase of his group’s shares, saying: “These agreements safeguard William Hill’s technology roadmap and relationship with NYX and end all legal action between the parties.

“Additionally we are pleased to expand our commercial relationship with Scientific Games in the US market which offers considerable potential should the Supreme Court ruling on the Professional and Amateur Sports Protection Act, which is expected next year, provide states with the power to regulate sports betting.”

The SGC statement detailed CAD $2.40 per share for Hill’s 6.8 million ordinary shares and circa £87 million for its convertible ‘preference shares’.

Totally Gaming says: It’s been quite the few days for Scientific Games Corporation, with its NYX Gaming Group acquisition making considerable progress. Not only did SGC acquire all of William Hill Group’s shares in NYX, they also received the blessing of another betting giant in Sky Betting & Gaming. A deal looks increasingly likely with both of these big-hitters on board.

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