Aristocrat Leisure (ASX:ALL), through its subsidiary, Pixel United Holdings, agreed to sell the Plarium Global mobile gaming business to Modern Times Group for an enterprise value of up to $820 million, according to a Tuesday filing with the Australian bourse.

Transaction consideration comprises a fixed amount of $620 million and a contingent payment of up to $200 million, which is subject to meeting certain financial targets through 2028.

Proceeds will fund Aristocrat's longer-term growth strategy in line with its capital allocation framework, according to the filing.

Aristocrat expects the sale to be mid to high single-digit percentage points dilutive to its net profit after tax in fiscal 2025 on an annualized basis, the filing added. The deal is projected to close in the first half of 2025, subject to conditions.

In the same filing, the entertainment and content creation company said the strategic review of Big Fish Games remains ongoing.

Aristocrat Leisure's shares were marginally lower in recent Tuesday trade and earlier hit an all-time high.

Price (AUD): $65.54, Change: $-0.07, Percent Change: -0.11%