Australia's Aristocrat Leisure falls on $820 mln Plarium sale to Modern Times

Modern Times MTG AB

12/11/2024 24:25

** Shares in poker giant Aristocrat Leisure  ALL.AX  slip
1.2% to A$64.8, after hitting a record high in early trade
    ** Co says unit to sell Plarium business, best known for
role-playing game RAID: Shadow Legends, for an enterprise value
of $820 mln
    ** Says deal is for its mobile gaming business with
Sweden-based mobile game publisher Modern Times Group  MTGb.ST 
    ** Adds deal proceeds will fund long-term strategy per its
capital allocation framework
    ** "We previously estimated sale proceeds of ~A$1.7
(billion) - A$2.3 billion but noted downside risk bias to this
range as the bookings data weakened" — Citi
    ** ALL up 60.5% YTD vs MTGb down ~11%, including current
session, as of 2339 GMT

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com))