Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for one of the largest corporate mergers in the gaming supplier sector, a move that could significantly reshape the industry. Apollo Global Management’s proposed $6.3 billion acquisition of International Game Technology (IGT) and Everi Holdings could close by the end of this month.
During the meeting led by Chairman Kirk Hendrick, representatives discussed various ownership and compliance matters related to the merger. IGT President Nick Khin is set to act as interim CEO of the new entity, while former Aristocrat Gaming CEO Hector Fernandez will take over later.
Source: Nevada Gaming Control Board Meeting
Key Points
- The merger involves a $6.3 billion deal where Apollo merges IGT’s gaming business with Everi’s technology sector.
- IGT’s lottery business will be spun off into a separate publicly traded company.
- The combined slot machine base will exceed that of both Aristocrat and Light & Wonder, enhancing cross-selling opportunities.
- Regulatory approval is still required from eight jurisdictions before the deal can be finalised.
- There have been significant discussions on compliance and addressing previous anti-money laundering violations in the industry.
Why should I read this?
If you’re interested in the gaming industry, this merger is a game-changer that could redefine competition among suppliers. It’s not every day we see such hefty negotiations, and the implications of this deal could impact everything from innovation to market dynamics. Stay in the loop!