Novomatic AG entered into sale and purchase agreement to acquire additional 51.9% stake in Ainsworth Game Technology Ltd. (ASX:AGI) from Len Ainsworth for Approximately AUD 470 million on February 23, 2016. Len Ainsworth agreed to sell his 172.1 million ordinary shares at AUD 2.75 per share for cash consideration, subject to regulatory and license approvals. A deposit of AUD 10 million has been made. The transaction is subject to shareholder and Board approval, regulatory and license approvals and antitrust approval. Board of Ainsworth supports the transaction and will convene an extraordinary general meeting of Ainsworth shareholders on May 13, 2016 to seek the necessary approval. The Australian Securities and Investments Commission has asked the takeovers panel to look at the founder and executive Chairman's decision to sell the majority of his 53.7% stake in Ainsworth Game Technology to Novomatic. The takeover deal is subject to shareholder approval and ASIC wants Ainsworth excluded from the June 3, 2016 vote. Each of the Directors other than Len Ainsworth intends to recommend shareholders vote in favor of the transaction. Post-acquisition, Novomatic supports maintaining Ainsworth's listing on ASX and its current Board and executive management teams staying in place, with Novomatic intending to nominate additional Directors and Len Ainsworth remaining as Chairperson. The meeting of the shareholders of Ainsworth Game will be held on June 25, 2016. Shareholders of Ainsworth approved the transaction on June 27, 2016. The transaction is approved by Federal trade commission. As on November 28, 2017, approval from majority of gaming regulators including approval from Nevada has been received. As on December 14, 2017, the final gaming regulatory approvals required in respect of the transaction have been received. As a result, all conditions precedent to the share sale and purchase has now been fulfilled. The transaction is expected to complete on January 5, 2018. Michael Brown of Pegasus Partners Pty Ltd acted as financial advisor for Ainsworth. Patrick Gunning, Paul Schroder, David Friedlander, Michael Ting and Michael Power of King & Wood Mallesons LLP acted as legal advisor for Novomatic AG. Marque Lawyers Pty Ltd acted as legal advisor for Ainsworth Game Technology. An independent experts report on fair value of the deal is provided by PWC. Novomatic AG completed acquisition of additional 51.9% stake in Ainsworth Game Technology Ltd. (ASX:AGI) from Len Ainsworth on January 5, 2018. Len Ainsworth retains 1.87% stake in Ainsworth Game Technology Limited. Len Ainsworth has resigned as an executive director of Ainsworth Game Technology Limited effective immediately after closing and will continue to support Ainsworth Game Technology Limited as a consultant for a period of 12 months.