Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given the green light to a major merger between International Game Technology (IGT) and Everi Holdings, valued at $6.3 billion. This deal could reshape the gaming supplier landscape, and is expected to close by the end of the month. The board approved the items unanimously during its recent meeting.
Key Points
- The merger will combine IGT’s gaming business with Everi’s gaming and financial technology operations.
- The new entity will be headquartered in Nevada, with IGT’s lottery business spun off into a separate publicly traded company.
- Apollo Global Management is making the acquisition and aims to enhance innovation within the gaming sector.
- The Nevada Gaming Commission is set to make a final ruling on 26 June, following the board’s initial approval.
- The partnership is seen as a strategic move to increase competitiveness against industry leaders like Aristocrat and Light & Wonder.
Why should I read this?
If you’re interested in the gaming industry or follow corporate mergers, this is definitely one to keep an eye on! This article highlights regulatory advancements in a major merger that could change the face of gaming technology, while giving you insights into the evolving corporate landscape.