\nSlot machine manufacturer International Game Technology has been sold for $6.4 billion to lottery giant GTECH in a merger that will create the world\u2019s largest gaming equipment provider.<\/p>\n
\tUnder terms of the agreement, IGT and GTECH will combine under a newly formed holding company organized in the United Kingdom. According to the announcement, GTECH, which is headquartered in Italy, will pay $4.7 billion in cash and stock and will assume $1.7 billion of IGT\u2019s debt.<\/p>\n
\tThe name, IGT, is expected to go away and the company will be operated under the name GTECH. The company will be headquartered in the United Kingdom and maintain operating headquarters in Las Vegas, Providence, R.I., and Rome.<\/p>\n
\tIGT is considered the gaming industry\u2019s largest manufacturer.<\/p>\n
\tThe new company is expected to apply for listing solely on the New York Stock Exchange. IGT\u2019s shares will cease trading on the New York market and GTECH\u2019s shares will cease trading on the Borsa Italiana at the close of the transaction.<\/p>\n
\t\u201cThis outstanding combination of two global leaders redefines the future of the gaming industry,\u201d IGT CEO Patti Hart said in statement. \u201cTogether we are uniquely positioned to provide the industry\u2019s broadest and most innovative portfolio of best-in-class products, solutions and services.\u201d<\/p>\n
\tThe transaction will combine IGT\u2019s market-leading slot machine products, game library, manufacturing division and operating capabilities with GTECH\u2019s gaming operations, lottery technology and services.<\/p>\n
\tThe merger is expected to achieve over $280 million in annual cost savings.<\/p>\n
\tThe transaction is subject to regulatory and shareholder approvals. The boards of both IGT and GTECH have approved the transaction. The sales price represents a 46 percent premium to IGT\u2019s June 6 closing price.<\/p>\n
\tThe slot machine manufacturer announced last month that it was exploring \u201cstrategic alternatives\u201d while Wall Street speculated the company was for sale.<\/p>\n
\tThe combined IGT-GTECH entity would have more than $6 billion in revenues and more than $2 billion in cash flow based on the last 12 months as of March 31.<\/p>\n
\t\u201cThis transaction is transformational for our business,\u201d GTECH CEO Marco Sala said in a statement. \u201cWith limited overlap in products and customers, the combined company will enjoy leading positions across all segments of the gaming landscape.\u201d<\/p>\n
\tSala will serve as CEO of the new company. IGT Chairman Phil Satre will serve as the new company\u2019s chairman and Hart will become vice chairman.<\/p>\n
\tUnder the terms of the transaction, IGT shareholders will receive $18.25 per share, which includes cash and shares in the new company. GTECH shareholders will exchange each of their existing GTECH shares for one share in the new company.<\/p>\n
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Slot machine manufacturer International Game Technology has been sold for $6.4 billion to lottery giant GTECH in a merger that will create the world\u2019s largest gaming equipment provider. Under terms of the agreement, IGT and GTECH will combine under a…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7683","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7683"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7683\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}