Neogames

NeoGames was established in 2014 following a spin‑off from Aspire Global, with its initial management—the same team behind Aspire’s iLottery business—taking leadership of the independent firm. Founding shareholders, including Barak Matalon and Aharon Aran, had major stakes in both companies and continued to hold board roles post‑spin‑off.

In mid 2022 NeoGames completed a tender offer to acquire Aspire Global plc, acquiring approximately 99.3 % of its shares. The transaction was funded through €187.7 million in debt financing from Blackstone Advisors, €13.8 million overfund facility, cash and the issuance of approximately 7.6 million new NeoGames shares, and aimed to combine iGaming and iLottery platforms under one group.

On April 24–25, 2024 NeoGames S.A. underwent a continuation, relocating its legal seat from Luxembourg to the Cayman Islands, changing its incorporation to a Cayman‑exempted company, and renaming itself to Neo Group Ltd..The same day it merged with its subsidiary Merger Sub, becoming a wholly‑owned subsidiary of Aristocrat Leisure Limited, which triggered plans to delist from NASDAQ and terminate U.S. filing obligations.

Corporate Structure and Governance

Several founding shareholders of NeoGames, owning approximately 51 % of the company, have the authority to nominate up to half of the board members and serve concurrently on Aspire Global’s board, creating a notable potential for related‑party conflicts in governance decisions.

Business Operations and Services

NeoGames primarily delivers end‑to‑end iLottery solutions tailored to state‑regulated lotteries, offering platform technology, content, aggregation services, and managed operations across multiple jurisdictions.

Aristocrat Leisure completed its acquisition of Neo Group Ltd. (formerly NeoGames) on April 25, 2024 at a price of USD 29.50 per share, valuing the deal at approximately USD 1.2 billion. This transaction positioned Aristocrat and Neo as a global supplier of iLottery and iGaming content and technology.