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Ainsworth Game Technology has officially terminated its acquisition agreement with NOVOMATIC, ending months of speculation and corporate maneuvering. The Australian gaming technology provider confirmed the deal’s collapse on February 11 after it failed to become effective by the extended deadline.
The proposed transaction would have seen Austria-based NOVOMATIC, already Ainsworth’s majority shareholder with 66.59% ownership, acquire the remaining outstanding shares. However, the deal faced relentless opposition from Ainsworth shareholders who maintained the offer price failed to reflect the company’s true value.
The Ainsworth family, founders of the gaming technology business, were particularly vocal in their rejection of the proposal. This internal conflict created a power struggle that ultimately derailed the acquisition despite support from Ainsworth’s executive leadership.
The transaction timeline experienced several extensions, with the final deadline pushed to February 6. When the deal remained unconsummated, Ainsworth invoked termination clauses to formally end the agreement.
The protracted battle had already impacted Ainsworth’s market valuation, with share price volatility reflecting investor uncertainty throughout the negotiation period.
Now operating as a fully independent entity once again, Ainsworth has projected stable financial performance with estimated 2025 EBITDA of AUD 48.0 million. The company continues developing gaming solutions from its Australian headquarters while NOVOMATIC retains its significant minority position without control.
This outcome demonstrates the significant hurdles facing iGaming consolidation efforts when minority shareholders unite against what they perceive as inadequate valuation proposals.
