Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
The Nevada Gaming Control Board has provided initial approval for the pivotal IGT-Everi merger, valued at $6.3 billion, which may close as early as the end of June. This merger is poised to significantly alter the gaming supplier landscape as both companies aim to be at the forefront of gaming technology.
Key Points
- The merger has been discussed during the last meeting of the Nevada Gaming Control Board, marking a crucial step in the approval process.
- It’s a merger of two major players in the gaming market—IGT and Everi—designed to create a competitive entity in the sector.
- Apollo Global Management will orchestrate the acquisition, aiming to enhance innovation in gaming technology.
- The combined company will keep the IGT name while its lottery segment spins off as a different entity.
- Fitch Ratings maintains a positive outlook on the new entity, anticipating strong market performance due to cross-selling opportunities.
Why should I read this?
If you’re invested in the gaming industry or just curious about major market shifts, this approval is a big deal. It’s not just about numbers; this merger could redefine how gaming technology and services evolve moving forward. Stay ahead of the curve!