Aspire Global Exits Nasdaq Amid NeoGames Merger

Aspire Global Exits Nasdaq Amid NeoGames Merger

Aspire Global, a leading provider of iGaming solutions, will delist from Nasdaq Stockholm. This move follows the company’s recent acquisition by NeoGames, an online lottery business.

Aspire to Leave Nasdaq Stockholm

Following the closure of the acquisition deal, Aspire Global applied to exit from the Nasdaq First North Premier Growth Market. This application has now been approved by Nasdaq Stockholm. Following that, Aspire Global will officially cease to trade on the exchange after July 4 this year.

NeoGames first offered to acquire Aspire Global in January. The lottery provider put forward SEK 4.3 billion (around $423 million) for the entirety of Aspire’s shares. After negotiating for a while, Aspire agreed to the terms. Subsequently, the two companies closed the deal in June.

As per the agreement, Moti Malul, the chief executive of NeoGames, will lead the newly-acquired B2B business. Meanwhile, Tsachi Maimon, the ex-chief executive of Aspire, became president of Aspire. In his new role, Maimon will be responsible for the company’s iGaming division.

Malul Is Excited about the Merger

Maimon lauded the merger as a “strategic fit” for both companies. Malul also shared his thoughts about the deal, saying that NeoGames is thrilled to join forces with Aspire Global. The CEO said that he can’t wait to capitalize on the merger with the B2B company.

We believe this strategic combination will generate long-term shareholder value by synergistically capitalizing on the key strengths of our two companies and will help position NeoGames for expansion in new and existing markets.

Moti Malul, CEO, NeoGames

Speaking about markets, NeoGames will gain access to the numerous jurisdictions where Aspire Global holds a license. The list includes a total of 31 markets across Europe, Africa, North America and LATAM.

Aspire Global’s Business Is Going Strong

Aspire Global recently published its financial results for the first three months of 2022. The company earned almost $49 million for the period, which represents a 33.4% year-on-year increase. Furthermore, it is the highest quarterly result the company has seen to date.

The favorable Q1 results follow a strong finish of 2021 which saw Aspire’s revenues increase across the board. In addition, the company saw huge growth in the United Kingdom and Ireland.

Q1 2022 also saw Aspire Global launch its offerings in the Netherlands after successfully receiving approval from the Kansspelautoriteit. This was a significant step for the company, considering how important the Netherlands is to the European gambling ecosystem. The Dutch market was re-regulated in October and is currently one of the stricter markets in the old continent.

Author: Ian Douglas