Novomatic finalises investment in AGT
Novomatic has completed its purchase of a 52% stake in Australian gambling company Ainsworth Game Technology (AGT).
Novomatic had agreed to acquire the majority stake for more than €300m ($359.4m), but required approval from regulatory bodies in various regions.
The final approval came from the Nevada Gaming Commission in the US, after Novomatic had been given the green light from jurisdictions in Australia and South America.
Given the completion of the deal, Len Ainsworth has resigned as an executive director of AGT, but will continue to support AGT in a consultancy role for the next12 months.
Harald Neumann, chairman of Novomatic, said: “The compliance investigations carried out as part of this registration were extremely thorough; they included all corporate divisions of Novomatic AG.
“Our shares in Ainsworth are strategically very important for Novomatic; after all, the joint plan is to increase market share in the US to about 10% over the next five years.
"In the long-term, Novomatic may become the world market leader in the area of gaming.”
Related article: Novomatic to take control of Ainsworth sales in Europe