Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for the merger between International Game Technology (IGT) and Everi Holdings. This $6.3 billion deal, orchestrated by Apollo Global Management, represents one of the largest mergers in gaming supplier history and could reshape the industry landscape. Representatives from both companies presented to the board, highlighting the merger’s potential for growth and innovation in the gaming sector.
Key Points
- The merger could close by the end of the month, pending final approval from the Nevada Gaming Commission.
- Apollo’s acquisition combines IGT’s gaming business with Everi’s financial technology, with IGT’s lottery segment being spun off into a separate entity.
- The new organisation will aim to enhance its product offerings and close performance gaps compared to competitors like Aristocrat and Light & Wonder.
- Fitch Ratings has affirmed a positive outlook for Everi, anticipating strong performance for the merged company.
- The deal is unique as it involves merging two firms that had previously planned to merge independently.
Why should I read this?
This article gives you the lowdown on a potential game-changer in the gaming industry. With such a massive merger on the horizon, understanding its implications for the market is key for anyone interested in gaming or corporate strategy. We’ve sifted through all the details for you, so dive in and stay ahead of the curve!
