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 International Game Technology (IGT) and Everi Holdings, a deal that could reshape the gaming supplier sector. This significant move comes as part of a broader strategy by Apollo Global Management to strengthen its position in the gaming industry.
The merger was first announced last July, and the board’s approval marks a crucial development towards its completion. The newly formed entity will be headquartered in Nevada, one of the most influential gaming markets.
Key Points
- The merger is valued at $6.3 billion and is backed by Apollo Global Management.
- The Nevada Gaming Control Board approved the merger’s initial terms unanimously.
- IGT’s lottery business will be spun off into a separate publicly traded entity.
- Apollo aims to close the performance gap with competitors Aristocrat and Light & Wonder.
- Fitch Ratings maintains a positive outlook for Everi and the newly merged entity.
Why should I read this?
If you’re interested in the dynamics of the gaming industry, this piece is a must-read. The merger between IGT and Everi represents one of the largest deals in the sector’s history. Understanding its implications can provide valuable insights into future trends and shifts within the gaming supplier market.