Nevada Approves GTECH-IGT Merger$6.4 Billion Buyout OK'ed By Silver State |
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Nevada gaming officials last month approved the $6.4 billion acquisition of Nevada-based International Gaming Technology (IGT) by Italy-based lottery firm GTECH. The deal is comprised of $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt.
IGT will be the name of the new company, as GTECH will soon be no more.
So far, more than half of the applicable regulatory agencies have given the OK to the deal, according to the Las Vegas Review-Journal. It is expected to close in the middle of next month.
Both companies are considered leaders in their respective gaming niches.
IGT, owner of the social gaming platform DoubleDown Casino, has a presence in U.S. online gaming already and likely will only increase that involvement as more states open up to online casino games and online lotto sales.
IGT is a licensed online poker service provider in Nevada.
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