
Novomatic to snap up Ainsworth’s remaining shares in take-private deal
Austrian supplier giant offers A$1 per share for remaining stock, giving Australian business an equity value of A$336.8m


Novomatic has proposed to acquire the remaining 47.1% of Ainsworth Game Technology in a deal that values the Australian supplier at A$336.8m (£162m).
In a release to market today, 28 April, Ainsworth confirmed it had entered a scheme implementation deed with Novomatic, which is already the group’s majority shareholder.
Under the proposal, Novomatic will pay A$1 per share for the remaining Ainsworth stock, which represents a 35% premium on Ainsworth’s previous closing price.
The ASX-listed company’s stock was sent soaring after the deal was made public, up more than 30% to just under A$1.
The offer gives an equity value of A$336.8m, representing around 7x full-year 2024 expected EBITDA for Ainsworth.
Ainsworth established an independent board committee after receiving a non-binding offer from Novomatic, with the body comprised of three non-executive directors.
Subsequently, Daniel Gladstone, Graeme Campbell and Heather Scheibenstock unanimously recommended the offer, and stated it is in the best interest of Ainsworth shareholders.
Shareholders will vote on the proposal on a to-be-confirmed date post-July. During July, they will be sent full reasons from the independent board committee and an independent report on the bid.
Should shareholders approve the deal, and the various regulatory and customary closing conditions be met, Ainsworth said the scheme should be implemented in August.
Ainsworth is being advised by Macquire Capital as its financial consultant, and Clayton Utz has been retained as a legal adviser.
Gladstone said: “The proposal put forward by Novomatic, that is already the majority shareholder of Ainsworth, represents a significant premium to long-term trading value and is compelling for Ainsworth minority shareholders.
“The independent board committee have carefully evaluated the proposed scheme consideration against the company’s medium-and long-term growth prospects and alternative opportunities, and has unanimously formed the view that the proposal represents attractive and certain value for Ainsworth minority shareholders.”
Novomatic originally purchased its 52.9% stake from Ainsworth’s founder, Len Ainsworth, in 2016.
Stefan Krenn, a Novomatic executive board member, remarked: “The acquisition of Ainsworth is consistent with our international growth strategy and the expansion of our presence across the Asia-Pacific and US region.
“As a long-term shareholder, we are familiar with the business and believe that integrating Ainsworth into our operations is in the best interest of this strategy.
“We look forward to welcoming the highly qualified and experienced Ainsworth employees into the Novomatic family to become part of our international growth and success.”