Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for a significant merger between IGT and Everi, initiated by Apollo Global Management. This deal, valued at $6.3 billion, may reshape the gaming supplier industry. The board discussed various details regarding ownership transfers and corporate compliance, marking an important moment in the corporate landscape of gaming.
Key Points
- The merger is a crucial milestone with both suppliers potentially merging under the IGT name.
- Apollo Global Management is acquiring IGT and Everi as part of a strategy to offer a comprehensive suite of gaming products.
- The preliminary approval may lead to final decisions by the Nevada Gaming Commission on 26 June.
- This merger positions the new entity to close the competitive gap against leading rivals in the gaming industry.
- Regulatory approvals from eight jurisdictions, including Pennsylvania, are necessary before closing.
Why should I read this?
If you’re invested in the gaming industry or just curious about how major mergers can impact market dynamics, this article gives you the scoop on a potential game-changer. The details around compliance and strategic direction highlight how corporations are gearing up for the future, making it insightful for anyone keeping an eye on corporate movements in gaming.