IGT Acquired By GTECH For $6.4 Billion

IGT announced on Tuesday that it has “entered into a definitive merger agreement with GTECH for the acquisition of IGT by GTECH for $6.4 billion.” The deal is comprised of $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt.

IGT is a leading business-to-business provider in the Silver State. GTECH is an Italy-based games maker. The merger will create the world’s largest gaming equipment provider, according to the Las Vegas Review-Journal.

“The merger drives competitive scale across multiple businesses, geographies and product lines and is expected to achieve over $280 million in synergies,” a press release said.

“We are extremely pleased to reach a definitive merger agreement with GTECH as a result of our exploration of strategic alternatives to increase shareholder value. This outstanding combination of two global leaders redefines the future of the gaming industry. Together we are uniquely positioned to provide the industry’s broadest and most innovative portfolio of best-in-class products, solutions and services,” IGT CEO Patti Hart said. “This strategic agreement positions us to further transform the industry while providing meaningful benefit and value to our customers, our employees and our shareholders.”

The new company should have combined revenues of around $6 billion annually, the Review-Journal reported.

IGT is a licensed online poker service provider in Nevada.

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