Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for the much-anticipated merger between IGT and Everi, a deal potentially worth $6.3 billion. This merger, spearheaded by Apollo Global Management, is poised to reshape the gaming supplier landscape, consolidating the two companies’ strengths into one formidable entity.
Key Points
- The merger could close by the end of June, pending final approval from the Nevada Gaming Commission.
- IGT’s gaming and lottery businesses will merge with Everi’s technology, creating a potent new player in the gaming industry.
- The new entity will be headquartered in Nevada while IGT’s lottery business will be spun off into a separate publicly traded company.
- Current IGT President Nick Khin will serve as interim CEO, with former Aristocrat Gaming CEO Hector Fernandez taking over post-merger.
- The approval signifies a notable shift in the competitive landscape, closing the gap between IGT and its larger rivals like Aristocrat and Light & Wonder.
Why should I read this?
If you’re keeping an eye on the gaming industry, this article is a must-read! The merger of two major suppliers impacts the entire landscape of gaming technology and services. Understanding the nuances of this deal can offer insights into where the industry is heading and how these changes could affect your favourite casinos or gaming platforms.