Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for a significant merger between International Game Technology (IGT) and Everi Holdings, potentially reshaping the gaming supplier landscape. Apollo Global Management is leading this $6.3 billion double acquisition, with the aim of streamlining operations and driving innovation in gaming technology.
Key Points
- Apollo Global Management is acquiring IGT and Everi in a ground-breaking merger worth $6.3 billion.
- Initial approval was granted unanimously by the Nevada Gaming Control Board during a regulatory review.
- Nick Khin, current president of IGT, is serving as interim CEO of the newly formed company.
- The merger aims to consolidate IGT’s gaming and Everi’s financial technology sectors.
- The Nevada Gaming Commission will make a final ruling on June 26, solidifying the merger terms.
- The combined entity plans to retain the IGT name while its lottery segment will be spun off as a separate company.
- The merger is expected to enhance the competitive stature of IGT, currently positioned third behind Aristocrat and Light & Wonder.
Why should I read this?
If you have any stake in the gaming sector, this merger could change the game entirely (pun intended). Glean insights into the future of gaming technology and market strategies that could affect everything from product offerings to compliance standards. Don’t miss out on how this mega deal might reshape your industry!