In Austria, giant gaming machine manufacturer Novomatic AG has announced that it will be moving forward with its plan to purchase a 52% stake in Australian rival Ainsworth Game Technology Limited after receiving all of the necessary international regulatory approvals.

Gumpoldskirchen-based Novomatic AG stated that the $354.5 million it is spending in order to acquire the controlling stake in Ainsworth Game Technology Limited represents the ‘largest investment an Austrian company has ever made in Australia’ with the entire deal now expected to close on January 5.

Novomatic AG explained that the approval process involved scrutiny from gaming board officials in multiple jurisdictions across Australia and the United States including the Nevada Gaming Control Board, which means that it will soon become the first Austrian firm to hold a license in Nevada.

Harald Neumann, Chief Executive Officer for Novomatic AG, described this analysis, which looked into every corporate division of his firm, as ‘extremely thorough’ while declaring that the company is now ‘one of the few internationally active companies to have passed strict compliance checks from these international authorities’.

“For this reason, a variety of independent licensing boards have said the deal can go ahead,” read a statement from Neumann.

For its part, Sydney-based Ainsworth Game Technology first revealed the proposed transaction involving 172.1 million shares in February of 2016 before its directors recommended the tender three months later. The stake is currently held by the firm’s founder and Chairman, Len Ainsworth, who is set to retain a small number of shares post-sale subject to employee options under the Len Ainsworth Option Share Trust.

“Our shares in Ainsworth [Game Technology Limited] are strategically very important for Novomatic AG,” read a statement from Neumann. “After all, the plan is to use this acquisition to increase market share in the United States to about 10% over the next five years. In the long-term, Novomatic AG may become the world market leader in the area of gaming technology.”