Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for the significant merger between IGT and Everi, spearheaded by Apollo Global Management. This merger, valued at $6.3 billion, is expected to reshape the gaming supply landscape, with the final ruling from the Nevada Gaming Commission pending on June 26.
Key Points
- The merger combines IGT’s gaming business with Everi’s gaming and financial technology business.
- The new entity will operate under the IGT name, while IGT’s lottery business will be separated into a publicly traded company.
- Nick Khin has been approved as interim CEO, with Hector Fernandez set to take over later this year.
- The deal aims to improve market competitiveness against major players like Aristocrat and Light & Wonder.
- Fitch Ratings maintains a positive outlook for the merged entity, anticipating robust performance and cross-selling opportunities.
Why should I read this?
This article covers a major development in the gaming industry that could significantly impact the future of major suppliers. If you’re keen on keeping up with trends in gaming mergers and the broader implications of this deal, reading this will give you the scoop without having to sift through all the details yourself.