Aristocrat purchases Plarium for $500m

Why the Aristocrat Leisure Limited share price stormed higher today

Why the Aristocrat Leisure Limited share price stormed higher today

Australian casino company Aristocrat has snapped up Israeli dev Plarium for $500 million as it looks to break into the mobile market. Plarium, which was represented in the deal by the Israeli law firm Goldfarb Seligman, is considered one of the leading companies for social gaming development for mobile devices, social media and computers in the world.

The company has nine key titles that are now being monetised and a strong pipeline of future releases across multiple genres. Plarium employs more than 1,200 people across five genre-specific studios, as well as in offices throughout Europe, Israel and the United States.

Now based in Las Vegas, Mr Croker took over from Jamie Odell in February.

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Israel is a new hotspot for startups and its capital Tel Aviv is one of Malcolm Turnbull's innovation "landing pads" across the world. The company said it expects the acquisition to be accretive in year one, helping to expand the proportion of Aristocrat's recurring revenues.

He added: "This immediately expands our addressable market from [approximately] US$3.2 billion in the social casino segment, to [about] US$25.4 billion when including the strategy, role-playing game (RPG) and casual segments". The launching pads are created to allow start-ups opportunities to network and move their ideas into successful businesses.

The acquisition of Plarium would provide greater digital insights, and allow Aristocrat to offer "challenges and choices" to the consumer.

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The company said the Plarium deal would mean digital growing to 22 per cent of its overall revenue, based on its results for the year to March 2017.Digital market with pro forma Aristocrat.

"Aristocrat is an ideal partner for us given our common aspiration to be a global leader in social gaming, which will be accelerated through leveraging Aristocrat's financial, strategic and operational resources", Shalel said.

The deal implies a multiple of 10x earnings before interest tax depreciation and amortisation at year end.

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The attacking midfielder's wage demands will barely make a dent in Chelsea's coffers and his valuation, too, seems reasonable. Their debut seasons at their respective Manchester clubs didn't' go according to plan, especially for Pep Guardiola and City.

Mr Shalel and 12 other key members of Plarium's management team have agreed to stay on and defer cash payment arrangements with Aristocrat, including deferring a portion of their upfront fee until the end of 2020.

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