Novomatic Acquisition of Ainsworth Game Technology Collapses Following Final Negotiations

The multi year effort by Austrian gaming giant Novomatic to fully acquire the Australian manufacturer Ainsworth Game Technology has officially ended without a deal. Despite Novomatic already holding a majority stake, the companies were unable to reach an agreement on valuation and strategic direction for a total buyout.

By: AXL Media

Published: Feb 13, 2026, 4:38 PM EST

Source: This report is a comprehensive analysis based on data originally documented by iGaming Business

Breakdown in Multi National Acquisition Talks

On February 12, 2026, it was confirmed that the proposed acquisition of Ainsworth Game Technology (AGT) by Novomatic AG has been formally terminated. The announcement marks the end of a long period of speculation regarding a full takeover of the Australian slot machine and digital gaming provider. Novomatic, which currently holds approximately 52% of Ainsworth’s shares after purchasing them from founder Len Ainsworth in 2018, had sought to bring the remaining 48% under its total corporate control.

Negotiations reportedly reached an impasse over the final purchase price of the outstanding shares. While Novomatic aimed to streamline its global operations through full integration, the independent board members at Ainsworth remained firm on a valuation that reflected the company's recent growth in the North American and Latin American markets.

Disagreement Over Strategic Valuation

The failure of the bid is attributed to several key friction points identified during the due diligence and negotiation phases:

Asset Valuation: Ainsworth leadership maintained that their current stock price did not fully account for the value of their historical intellectual property and expanding digital footprint.