Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given the first nod to the merger between International Game Technology (IGT) and Everi Holdings, a monumental move in the gaming supplier landscape. This $6.3 billion deal, orchestrated by Apollo Global Management, could reshape the market and is set for final approval soon.
Key Points
- Apollo’s $6.3 billion acquisition merges IGT’s gaming business with Everi’s technology capabilities.
- The merger puts IGT’s lottery business into a separate publicly traded entity.
- The combined operation could exceed 70,000 slot machines, surpassing major competitors.
- Regulatory approval is ongoing with the Nevada Gaming Commission expected to provide a final ruling on June 26.
- Leadership changes are significant, with new CEO transitions occurring post-acquisition.
Why should I read this?
If you’re in the gaming or tech sector, this article sheds light on a pivotal merger that could influence the market dynamics for years to come. It’s got potential ramifications for suppliers, operators, and, ultimately, players, making it a must-read for anyone interested in the future of gaming technology.