Len Ainsworth to Sell 53 Percent Stake in the Company He Founded
92-year old Len Ainsworth, founder, major shareholder and executive chairman of Ainsworth Game Technology, has announced his plans to sell his 53 percent stake in the company to Austrian-based Novomatic AG.
The 172.1 million ordinary shares, worth AU$473.3 million, will be sold subject to license and regulatory approval. The board of Ainsworth Games has announced that it supports the deal and will be holding an EGM within three months to seek necessary approval from its shareholders.
“I’m pleased, Novomatic in agreeing to acquire my shareholding, has committed to Ainsworth and our international growth strategy,” commented Mr Ainsworth. “Novomatic….has a clear commitment to innovation and new product development which aligns with Ainsworth Game. With its strength and support, Ainsworth’s future is assured and our potential is increased.”
Ainsworth is one of the leading manufacturers and suppliers of gaming technology in the Australasian region, as well as North and South America. This acquisition of majority stake will allow privately-owned Novomatic to significantly strengthen its position in those regions.
“Through the planned share acquisition from Len Ainsworth, one of the top players in Australasia and in the US, we will not only increase our market share in those continents, but will be consistently continuing our international growth strategy,” announced Mag. Harald Neumann, CEO of Novomatic. “The synergy transfer of know-how, contents, high-tech gaming equipment will allow us to further increase our potential in the worldwide gaming market.”
The current board and executive managers at Ainsworth will retain their position, while Novomatic is planning to nominate additional directors. Mr Ainsworth will retain a small number of shares and will maintain his position of chairperson.
Under the terms of the deal, Novomatic will be expected to contribute “significant game development and other intellectual property.”
April 16, 2017