The Playtech board also is in support of the deal, which sees Aristocrat offering 680 pence per share. The closing price of the shares on October 15th were 429 pence per share.
The purchase would be funded with $1.1 billion in cash as well as a Term Loan B issuance of $2.7 billion, and further loans of $1.3 billion.
Aristocrat is looking to grow more into the online side of things, and Playtech being one of the larger software groups in the industry will no doubt help with their ambitions.
"The proposed combination would bring together Aristocrat's world-class gaming content and customer and regulatory relationships with Playtech's industry-leading global online RMG platform and European B2C footprint," said Playtech CEO Trevor Croker. "The combined group would offer a broad portfolio of end-to-end solutions for gaming customers around the world as well as seamless player experiences, underpinned by a shared focus on responsible gameplay and innovation.
"Additionally, the business will be ideally positioned to unlock sustainable shareholder value by seizing opportunities in the fast-growing online RMG segment as they continue to open up, particularly in North America.
"Adding Playtech's talented team with Aristocrat's established strengths and momentum will create a true industry leader in the global online RMG space, particularly in terms of our B2B capabilities."
The deal is subject to shareholder and regulatory approvals.
Casino Listings News is following this story and will update readers as we learn more.