Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval to the merger of International Game Technology (IGT) and Everi Holdings, a significant step in what could be one of the largest mergers in the gaming supplier sector. This double acquisition, valued at $6.3 billion, has been positioned to reshape the industry landscape, with the merged entity likely to have its headquarters in Nevada.
Representatives from Apollo Global Management, which is facilitating the acquisition, provided testimonials aimed at gaining regulatory approval, alongside key leaders from both IGT and Everi. The final ruling is expected from the Nevada Gaming Commission at their upcoming meeting on June 26.
Key Points
- The merger could close by the end of June, pending final approval.
- IGT’s lottery business will be spun off into a separate publicly traded entity.
- Apollo aims to enhance the combined entity’s competitive edge against major rivals like Aristocrat and Light & Wonder.
- The new company is anticipated to have a significantly larger slot machine base of nearly 70,000 units.
- Ongoing regulatory approvals are necessary in additional jurisdictions beyond Nevada.
Why should I read this?
If you’re into the gaming industry or just love a good corporate drama, this is a must-read. The merger of IGT and Everi isn’t just a regular corporate shake-up; it’s positioned to change the game in supplier dynamics significantly. Staying ahead of this could give you insight into the future landscape of gaming technology and operations.