The Sydney-based Aristocrat said it will pay $29.5 per share for a 100% stake in NeoGames.
The purchase price represents a premium of around 104% to the company’s average stock price over the past three months.
With the acquisition, Aristocrat hopes to enter the real-money gaming (RMG) industry and scale its operations globally.
RMG is a segment of the gaming industry that involves lotteries, online casinos, and sports betting.
The NASDAQ-listed NeoGames is engaged in providing comprehensive content and technology solutions for the online RMG sector.
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It employs approximately 1,100 people and operates in more than 50 regulated markets.
NeoGames’ business units include sportsbook solution provider BtoBet and iGaming content aggregator and developer Pariplay.
Aristocrat CEO and managing director, Trevor Croker said: “Through the acquisition of NeoGames and its industry-leading global online RMG platform, this transaction will deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery and online sports betting operators globally.
“We see great opportunities in the combination of our complementary businesses, with clear revenue and growth potential that comes with a complete and seamless online RMG solution.”
In a separate announcement, NeoGames said the transaction has received clearance from its board of directors.
NeoGames shareholders, who own about 61% stake in the company, have also voted in favour of the transaction.
NeoGames CEO Moti Malul said: “We are delighted that the team at Aristocrat recognises the significance of what we have built, and the strategic opportunity to combine our complementary businesses. We firmly believe that this transaction represents a great outcome for all of NeoGames’ shareholders, customers and employees.”