Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for the $6.3 billion merger between IGT and Everi, a significant event that may reshape the gaming supplier landscape. This approval follows a thorough regulatory review, and more discussions are expected as Apollo Global Management navigates ongoing compliance requirements.
Key Points
- The merger is backed by Apollo Global Management and involves merging IGT’s gaming business with Everi’s technology solutions.
- Approval from the Nevada Gaming Commission is still pending, with the final ruling set for June 26.
- IGT will retain its name while its lottery business will be spun off into a separate public entity.
- The merger is viewed as a strategic move to close the competitive gap with major rivals Aristocrat and Light & Wonder.
- Both regulatory and compliance matters are being closely monitored given recent issues in the sector.
Why should I read this?
If you’re keeping an eye on the gaming industry, this merger is a game changer! As one of the largest in recent history, this approval could significantly affect the competitive landscape. This is a key moment for IGT and Everi, and understanding its implications could save you from being left in the dark about future developments!