Novomatic, the Australian online casino software provider, has taken a substantial controlling interest in AGT (Ainsworth Game Technology), one of the leading online slot machine developers. With this deal, Novomatic has acquired 52% stake in Ainsworth.
The takeover happened after an announcement that was made by both online casino companies on the 5th of January, confirming that they have finally reached an agreement.
Novomatic Purchase in Greater Detail
This deal was first announced in 2015 when the founder of AGT agreed to sell 172 million shares worth about NZD$375 million to Novomatic. However, the deal had to go through regulatory scrutiny in various jurisdictions. These included a variety of boards in South America, Australia and the United States.
Furthermore, the company managed to acquire regulatory approval. The approval was done by the Nevada Gaming Control Board. This approval resulted in Novomatic being the first online casino company to ever receive regulatory approval in Las Vegas.
Now that the sale has been finalized, Len Ainsworth has passed his resignation as the director of Ainsworth Gaming Technology. However, the founder of the company decided to stay in business and assist the company. He will be doing this as a consultant for a year. Also, he remains a shareholder of the company as he still owns 1.87% of it.
In the interim, Thomas Graf, the Chief Technology Officer of Novomatic mentioned to the media that they are hoping AGT will assist them to have more gains in the international markets, specifically in the United States of America. Following this, AGT opened new headquarters in Las Vegas last year.
Novomatic is an online casino company that has already managed to acquire a lot of international presence. They have about 25 000 employees, installed 260 000 slot machines at about 2 100 venues in 45 different counties worldwide. So, many casino players are hoping for nothing but the best from this new deal.