Nevada board gives initial approval to IGT-Everi megadeal
Summary
In a notable turn of events, the Nevada Gaming Control Board has given initial approval for the merger between International Game Technology (IGT) and Everi Holdings, backed by Apollo Global Management. Valued at $6.3 billion, this deal could significantly reshape the gaming supplier landscape. This marks a huge advancement for one of the largest corporate mergers in the sector as both companies aim to enhance their service portfolios under a united brand.
Key Points
- The merger is expected to close by the end of June 2025, pending further regulatory approvals.
- IGT’s sizable lottery business will be spun off into a new publicly traded entity.
- Apollo aims to close the competitive gap with other industry giants like Aristocrat and Light & Wonder.
- Given the companies’ collective slot machine base, the merger could create significant cross-selling opportunities.
- The Nevada Gaming Commission will make a final ruling on the merger on 26 June 2025.
Why should I read this?
If you’re even slightly interested in the evolving gaming industry, you need to track this massive merger! It could change the game completely—literally and figuratively. The combined entity could intensify competition and innovation within the supplier domain, so don’t miss out on the nitty-gritty details!