Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
One of the most significant corporate mergers in the gaming supplier sector is moving forward with the Nevada Gaming Control Board giving its initial approval to the IGT-Everi deal. This merger, worth $6.3 billion, could close by the end of June and is set to reshape the gaming landscape.
The board’s meeting featured discussions from Apollo Global Management about the merger of International Game Technology (IGT) and Everi Holdings. Representatives provided details regarding ownership transfers and compliance aspects, ultimately winning unanimous approval from the board.
Key Points
- The merger aims to combine IGT’s gaming and lottery divisions with Everi’s financial technology capabilities.
- The merger is expected to close by 1 July, pending approvals from eight jurisdictions, including Pennsylvania.
- The new entity will be headquartered in Nevada and will continue under the IGT brand.
- Fitch Ratings maintains a positive outlook for the new entity, which will have a slot machine base of nearly 70,000 units, surpassing competitors.
- The merger structure is unique as it involves two companies merging under the acquisition of a third, Apollo Global Management.
Why should I read this?
If you’re in the gaming and casino industry or just interested in corporate mergers, this is a hot topic! The IGT-Everi deal could redefine the gaming landscape, and understanding the details may help you keep ahead in a rapidly changing environment. We’ve done the reading for you, so check out the key insights and implications of this major merger.