William Hill gives way to Sci Games’ NYX acquisition

William Hill gives way to Sci Game-NYX acquisition

U.S. gaming technology provider Scientific Games Corp. is close to sweeping NYX Gaming Group Ltd. off its feet after British bookmaker William Hill gave way to the acquisition of the Toronto-listed firm.

William Hill gives way to Sci Game-NYX acquisitionSci Games announced on Thursday that it has entered into an independent agreement to support the previously announced acquisition of NYX for CAD2.40 (US$1.87) per ordinary share.

At the same time, Sci Games reported that it has also successfully inked a deal with William Hill Steeplechase Ltd. and parent firm William Hill Plc “to end all existing litigation among the parties.” The parties have also reached a new commercial agreement that apparently satisfies Hills’ previous concerns regarding its relationship with NYX’s sports betting technology unit OpenBet.

It would be recalled that NYX and Sci Games lodged separate anti-trust suits against Hills with the New Jersey and Nevada courts last month after the bookmaker threatened to block the deal unless it received certain assurances regarding the continuity of its OpenBet arrangement.

“William Hill has undertaken to withdraw its previously issued notice of conversion of its convertible preference shares into NYX ordinary shares,” Sci Games said.

Financial records show that Hills and Alpha Partners CoInvestments own an aggregate 9,301,709 ordinary shares of NYX, along with 2,325,427 warrants and 149,600 convertible preference shares.

With Hills now out of the picture, Sci Games has set a shareholders meeting on December 20 to approve its plan to acquire NYX.

“Pursuant to the terms of the arrangement agreement between NYX and Scientific Games, the acquisition is subject to the approval of: (i) a majority in number of NYX shareholders present and voting, either in person or by proxy, representing at least 75% in value of the NYX ordinary shares held by those NYX shareholders present and voting, either in person or by proxy (excluding shares held by Scientific Games); and (ii) a simple majority of the votes cast by the holders of NYX ordinary shares, excluding shares held by certain interested shareholders, as well as approval of the Royal Court of Guernsey,” the statement read.