A Strategic Move to Strengthen International Footprint
In a pivotal move for the gaming industry, Austrian powerhouse Novomatic has announced a binding agreement to acquire the remaining 47.1% of Australian slots provider Ainsworth Game Technology. Novomatic, which already holds a majority stake, will now move to full ownership, aligning with its aggressive international growth strategy across the Asia-Pacific and U.S. markets.
Under the Scheme Implementation Deed, Ainsworth’s minority shareholders will receive A$1.00 per share in cash, offering a 35% premium over the company’s last trading price before the announcement. With an equity valuation of A$336.8 million, the deal showcases Novomatic’s commitment to solidifying its position in competitive global markets.
Why Ainsworth Fits Into Novomatic’s Broader Strategy
Novomatic’s decision to fully absorb Ainsworth isn’t sudden—it’s a calculated move grounded in long-term vision. Having first acquired a controlling 52.9% shareholding back in 2016, Novomatic has had years to integrate Ainsworth’s technology, workforce, and market expertise into its international strategy.
The Australian-based Ainsworth is respected for its presence in not only its domestic market but also in key territories such as the Americas. With the global gambling sector increasingly focused on cross-border growth and multi-market synergies, owning Ainsworth outright gives Novomatic an even more formidable foothold to compete against industry giants.
By welcoming Ainsworth’s qualified teams into its fold, Novomatic isn’t just gaining machines—it’s gaining decades of market insights, R&D capabilities, and strong relationships in lucrative markets like the U.S. and Latin America.
Shareholder Support Solidifies the Deal
Ainsworth’s Independent Board Committee (IBC), comprising three non-executive directors, has unanimously endorsed the transaction. Their recommendation follows a careful evaluation of the offer against the company’s medium- and long-term prospects. The backing of the IBC provides confidence that the move aligns with shareholder interests and suggests that significant hurdles to final approval are unlikely.
Importantly, the arrangement allows Ainsworth’s board to declare special dividends before completion, offering additional value to existing shareholders. Nonetheless, even without these perks, the A$1.00 offer presents an attractive premium amid an industry environment where small-to-mid-size suppliers face increasing competition and margin pressure.
What Happens Next? Timelines and Conditions
The acquisition process will be guided by the Australian Scheme of Arrangement protocol, involving:
- Shareholder vote and approval
- Review by an independent expert
- Regulatory clearances from authorities including the Australian Securities Exchange, ASIC, and the Federal Court
- Final court approval
Barring unforeseen delays, the scheme booklet will be distributed in July 2025, with the shareholder meeting and final court hearings anticipated by August. If everything proceeds as planned, Novomatic will complete the acquisition in the second half of 2025.
Global Implications for Gaming M&A Activity
Novomatic’s full acquisition of Ainsworth signals continued bullishness on international gaming expansion, particularly at a time when digital and retail gaming sectors are both evolving rapidly. With a footprint in more than 50 countries and a portfolio spanning land-based and online gaming technologies, Novomatic is positioning itself not just as a regional player, but as a global force.
This acquisition also reflects a broader M&A trend in the gambling industry where established players seek full control of assets to drive integration, eliminate minority complexity, and unlock synergies. It demonstrates that even in an environment of regulatory scrutiny and economic headwinds, smart, strategic mergers and acquisitions continue to be vital levers for growth.
For smaller operators, it underscores the challenge of maintaining independence in an industry moving toward consolidation. For Novomatic, it’s another step in building a comprehensive gaming empire capable of competing on every continent.
