Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for a monumental merger between IGT and Everi, backed by Apollo Global Management. This merger, valued at over $6 billion, is anticipated to reshape the gaming supplier industry as it aims to consolidate IGT’s gaming business with Everi’s financial technology.
During the board meeting, representatives discussed the implications and regulatory requirements that come with the merger. The approval process is ongoing with the final ruling set for 26 June.
Key Points
- The merger could conclude by the end of June 2025, pending final regulatory approval.
- IGT’s president is set to lead the new entity, with a new CEO taking over later in the year.
- Apollo’s acquisition provides a significant cash offer to shareholders, aiming to simplify integration risks.
- The merger is expected to create a substantial gaming portfolio, including nearly 70,000 slot machines.
- This merger could enhance cross-selling opportunities and drive innovation in casino technology.
Why should I read this?
If you’re into the gaming industry or just curious about major business moves, this article gives you the scoop on a massive merger that could change the landscape. With a clearer understanding of how these companies plan to integrate, you can keep your finger on the pulse of one of the biggest shifts in gaming supplier dynamics.