Nevada board gives initial approval to IGT-Everi megadeal
Summary
In a significant move, the Nevada Gaming Control Board has given initial approval to the merger between International Game Technology (IGT) and Everi Holdings, which could reshape the gaming supplier landscape. This merger, valued at $6.3 billion, led by Apollo Global Management, marks one of the largest corporate mergers within the sector.
Key Points
- The merger has been unanimously approved by the Nevada Gaming Control Board.
- IGT’s substantial lottery business will be spun off into a new publicly traded company.
- Apollo aims to enhance the new entity’s competitive margin against leading rivals like Aristocrat and Light & Wonder.
- Fitch Ratings expects the merger to provide cross-selling opportunities and strengthen the overall market position.
- The combined slot machine base will surpass that of both Aristocrat and L&W, marking a significant industry shift.
Why should I read this?
This article highlights an essential development in the gaming industry as two giants merge to create a powerful entity. With regulatory approval already underway, understanding the implications of this merger can provide insights into future industry dynamics and competitive strategies. Save yourself the hassle of sifting through the details—we’ve done it for you!