Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board gave initial approval to a potential $6.3 billion merger between International Game Technology (IGT) and Everi Holdings. This landmark deal, proposed by Apollo Global Management, could reshape the gaming supplier landscape significantly. The board’s unanimous approval allows Apollo to move forward, with a final ruling from the Nevada Gaming Commission expected on 26 June.
Key Points
- The merger involves IGT’s gaming business and Everi’s gaming and financial technology units under Apollo’s leadership.
- IGT’s lottery segment will be spun off as a separate publicly traded entity, while the combined business retains the IGT name.
- Pennsylvania’s regulatory approval is crucial for the deal to meet its anticipated completion date of 1 July.
- Fitch Ratings maintains a strong rating for Everi, projecting positive performance for the new entity comprising nearly 70,000 slot machines.
- The merger is particularly interesting as it follows a previous agreement between IGT and Everi, making the circumstances unique.
Why should I read this?
If you’re involved in the gaming sector or interested in corporate mergers, this article is a must-read. It highlights how this significant deal could change the dynamics of the industry, particularly with IGT and Everi merging under Apollo’s strategic vision. Understanding these shifts can give you critical insights into the future of gaming technologies and markets.