Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for the proposed $6.3 billion merger between International Game Technology (IGT) and Everi Holdings, with final decision expected at the end of June. This merger aims to reshape the gaming supplier landscape significantly.
Key Points
- The merger could close by the end of June 2025, pending final regulatory approvals.
- Representatives from Apollo Global Management, IGT, and Everi discussed corporate protocols and compliance at the board meeting.
- IGT will retain its name while its lottery business is spun off into a separate public company.
- The merged entity aims to enhance competitiveness against major rivals like Aristocrat and Light & Wonder.
- The merger is expected to enable cross-selling opportunities and expand the combined slot machine base significantly.
Why should I read this?
Getting the lowdown on this megadeal is super important if you’re in or following the gaming industry. Mergers at this scale can shake things up in a big way, so you’ll want to know the implications for market dynamics and key players. We’ve done the legwork for you—so dive into the details!