Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
The Nevada Gaming Control Board has given its initial nod to a mega merger between International Game Technology (IGT) and Everi Holdings, as Apollo Global Management aims to consolidate its gaming business. This transaction, valued at $6.3 billion, is set to reshape the gaming supplier landscape, with further regulatory approval required by the end of June.
Key Points
- The merger between IGT and Everi is part of Apollo’s broader strategy to become a leading supplier in the gaming industry.
- Nick Khin, current IGT president, seeks approval as interim CEO of the new entity.
- The Nevada Gaming Commission will make a final decision on 26 June.
- IGT’s lottery business will be spun off into a separate publicly traded company.
- The combined slot machine base post-merger is expected to exceed both Aristocrat and Light & Wonder.
Why Should I Read This?
If you’re into the gaming industry, this article is a must-read! The merger of IGT and Everi is one of the biggest moves we’ve seen lately and could significantly impact how gaming suppliers operate in the future. This is the juicy stuff that will keep you ahead of the curve.