Nevada board gives initial approval to IGT-Everi megadeal
Summary
One of the biggest corporate mergers the supplier sector has ever seen could close by the end of the month. The Nevada Gaming Control Board has given initial approval for Apollo Global Management’s $6.3 billion acquisition of International Game Technology (IGT) and Everi Holdings. This deal, which brings together significant gaming and financial technology assets, aims to reshape the gaming supplier landscape.
Nick Khin, current president of IGT, has appeared for suitability approval as interim CEO of the new entity, which will headquarter in Nevada. The merger details were revealed at the board’s meeting, marking a significant milestone for an industry-changing agreement.
Key Points
- The Nevada Gaming Control Board has unanimously approved the initial steps of a major merger involving IGT and Everi.
- The deal is worth $6.3 billion and aims to improve the merged entity’s competitive standing in the gaming industry.
- IGT’s lottery business is being spun off into a separate publicly traded company.
- Fitch Ratings expects the merger to create cross-selling opportunities and enhance performance.
- Approval from additional jurisdictions is necessary for the deal to close by 1 July.
Why should I read this?
If you’re even slightly interested in the gaming industry, this piece is a must-read! This huge merger will change the landscape, and knowing the ins and outs means you’ll be ahead of the curve on this evolving story. Say goodbye to FOMO and catch up on the details!