Aristocrat Leisure (ASX:ALL) has agreed to acquire NeoGames for $1.8 billion, for a cash price of $US29.50 per share.

The acquisition is expected to be accretive to earnings per share in the first full year of Aristocrat ownership (FY25) and is recommended by the NeoGames Board.

Aristocrat has also increased its on-market share buy-back program by up to $500 million.

NeoGames is a global leader in content and technology solutions for the online gaming industry, with around 1,100 staff and more than 200 customers across over 50 regulated markets.