Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for a major merger between International Game Technology (IGT) and Everi Holdings, with a transaction value of $6.3 billion. This approval marks a significant milestone in the restructuring of the gaming supplier landscape, potentially closing by the end of June. The merged entity will be based in Nevada, and previous executives have been appointed to lead the new structure.
Key Points
- The merger aims to merge IGT’s gaming and lottery sectors with Everi’s financial technology.
- Apollo Global Management is leading the acquisition, taking the new entity private.
- Initial approval was unanimous, and the Nevada Gaming Commission will make a final ruling on June 26.
- The merger is expected to increase market competitiveness against leading firms like Aristocrat and Light & Wonder.
- Both companies’ compliance functions will consolidate, addressing previous regulatory concerns.
Why should I read this?
If you’re keeping an eye on the gaming industry, this merger is a big deal. It could reshape how suppliers operate and compete in the market. Understanding the implications of this deal not only helps you stay informed but also prepares you for potential shifts in the industry landscape. Don’t miss out on the details—it’s a game changer!