Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for the significant merger between IGT and Everi, which could reshape the gaming supplier landscape. The merger, valued at $6.3 billion and facilitated by Apollo Global Management, aims to combine IGT’s gaming operations with Everi’s technology. The board’s unanimous vote marks a vital step in this high-stakes corporate deal, with a final ruling expected on 26 June.
Key Points
- The merger between IGT and Everi is valued at $6.3 billion and is considered one of the largest in the sector.
- The Nevada Gaming Control Board has given their first approval, essential for moving forward.
- IGT will retain its name but will operate under a new private entity led by interim CEO Nick Khin.
- The merger is designed to create a more competitive entity against rivals like Aristocrat and Light & Wonder.
- Final approval from the Nevada Gaming Commission is expected on 26 June, with eight more jurisdiction approvals needed to complete the deal.
Why should I read this?
If you’re tuned into the gaming industry, this merger is a big deal you won’t want to miss. It could drastically change the landscape of gaming supplies and tech solutions, potentially influencing everything from product development to market competition. We’ve got the details you need right here, saving you time sifting through complex regulatory updates!