Light & Wonder Completes Closing Phase of OpenBet Disposition

 Light & Wonder Completes Closing Phase of OpenBet Disposition

OpenBet

After announcing a $400 million reduction in the sale price of its sports betting business OpenBet at the start of July, Light & Wonder has finally completed the final phase of its gaming transformation. 

The company has sold the OpenBet platform to the Endeavour Group, alcoholic drinks retailer, hotel operator, and poker machine operator, for $800 million, a $400 million decrease from the price agreed upon in September. 

Light & Wonder will get $750 million in cash, subject to a series of modifications, and more than 2,300,000 shares of class A common stock.

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Excellent Cross-Platform Games Are Next

The Nasdaq-listed firm also said that, now that the divestiture of OpenBet has been finalized and the organization is set to implement its growth strategy, its primary focus will be on developing “excellent games entirely cross-platform.” 

Matt Wilson, interim chief executive officer, added that their research development engine and “world-class talent” enables them to effectively exploit their “dominant industry positions” as well as their “evergreen franchises and unmatched platforms” in order to generate substantial value. 

Wilson also took the time to commend the hard work, efforts, and dedication of their teams, which contributed to the swift and “successful conclusion of this significant transaction.” Wilson described the Endeavor Group as the ideal partner for the OpenBet platform and wished his OpenBet colleagues “the best of luck” in this “exciting new chapter.”

Light & Wonder Sold Its Lottery Operations and Acquired Playzido

As part of the same strategic expansion plan, the corporation made a number of additional significant choices. Included on the list is the sale of its lottery business, which helped Light & Wonder earn almost $5.6 billion. 

In May, the company also Playzido. Although the transaction was deemed to be minor, its impact was anticipated to be “huge.”

Overall, Light & Wonder anticipates that its decisions will accelerate its mission to become the leading cross-platform, global gaming company. 

The final OpenBet divestment stage enabled the company to make significant modifications to its balance sheet, paving the path for a net debt leverage ratio in the range of 2.5x to 3.5x as envisaged.

 Light & Wonder additionally anticipates generating extra capital through its anticipated consolidated AEBITDA of $1.4 billion by 2025, a two-digit growth profile, and other similar variables.

RushBet collaborated with Light & Wonder at the end of September, a move that will allow Light & Wonder to aid RSI in refining its content and delivering superior iGaming solutions. Additionally, the decision will help Light & Wonder continue its expansion in the Mexican market.

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.