Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for one of the largest mergers in the gaming supplier sector, as Apollo Global Management moves to acquire International Game Technology (IGT) and Everi Holdings for $6.3 billion. While this merger reshapes the industry landscape, the final ruling is still pending from the Nevada Gaming Commission on 26 June.
Key Points
- The Nevada Gaming Control Board unanimously approved regulatory items related to the merger of IGT and Everi.
- Apollo Global Management seeks to merge the gaming businesses of both companies and take them private, spinning off IGT’s lottery operations.
- The merged entity aims to become a comprehensive supplier to major operators in the industry.
- Fitch Ratings expects the new combined entity to perform well and create more cross-selling opportunities.
- The merger process must still navigate eight additional jurisdiction approvals before its planned closure in early July.
Why should I read this?
If you’re in the gaming sector or just curious about the big moves in corporate mergers, this article is a must-read! The IGT-Everi deal is a significant shake-up that could redefine the landscape of gaming supply, and understanding its implications now could give you a head start in seeing how the industry evolves.