Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for the significant merger between International Game Technology (IGT) and Everi Holdings, valued at $6.3 billion. This merger is highlighted as one of the largest in the gaming supplier sector, aiming to reshape the industry’s landscape. The board’s decision is a crucial step, with the final ruling by the Nevada Gaming Commission scheduled for 26 June.
Key Points
- The merger is part of Apollo Global Management’s strategy to capture a larger share of the gaming market by merging IGT’s gaming business with Everi’s technology.
- This deal will take the new entity private while keeping the IGT brand name alive.
- IGT’s lottery business will be spun off into a separate, publicly traded company.
- The merger is expected to provide extensive cross-selling opportunities within the combined customer base.
- Regulatory approval is needed from eight more jurisdictions for closure by 1 July, with Pennsylvania being a critical location.
Why should I read this?
If you want to stay ahead in the gaming industry, this article is a must-read. The IGT-Everi merger is likely to significantly impact market dynamics, offering insights into how major players are reshaping their business strategies. Don’t miss out on understanding the implications of this monumental deal!