Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for one of the largest corporate mergers in the gaming supplier sector, as Apollo Global Management seeks to acquire International Game Technology (IGT) and Everi Holdings for $6.3 billion. This merger could reshape the gaming landscape significantly, with the merged entity set to be headquartered in Nevada.
Key Points
- The Nevada Gaming Control Board approved the merger of IGT and Everi, which is valued at $6.3 billion by Apollo Global Management.
- Representatives from the companies discussed regulatory compliance and corporate protocols affecting the merger.
- IGT’s gaming business will merge with Everi’s gaming and financial technology business, while IGT’s lottery sector will be spun off into a separate entity.
- Apollo aims to enhance product offerings and drive long-term value creation within the industry.
- The merger is seen as a move to improve competitive standing against rivals Aristocrat and Light & Wonder.
Why should I read this?
If you’re keen on the gaming industry’s direction, this article is a must-read! The IGT-Everi merger not only represents a colossal shift in market dynamics but also reflects ongoing trends in consolidation and innovation within the sector. Don’t miss out on how these changes could impact the gaming landscape!