GTECH finalises IGT acquisition, shares in new company begin trading

GTECH finalises IGT acquisition, shares in new company begin trading

Wednesday, April 8, 2015 Totally Gaming

Interactive gaming software and services provider GTECH has confirmed that it has completed the acquisition of International Game Technology (IGT) in a deal worth approximately $6.4bn (€5.9bn).
 
GTECH first struck an agreement in July last year to acquire the gaming products designer and manufacturer in a move that the firm said would mark one of the largest-ever mergers in the history of the gambling sector.
 
GTECH funded the acquisition with $4.7bn in cash and shares, while the firm has also taken on $1.7bn of IGT’s net debt.
 
Marco Sala, current chief executive of GTECH, will take on the same leadership role at the new combined company, which will be known as IGT. The new firm, shares in which began trading yesterday (Tuesday) on the New York Stock Exchange, will have its headquarters based in London.
 
“Regulated gaming clients across both the government and private sectors are seeking reliable, secure and innovative ways to increase revenue and drive profitability, and IGT is the trusted go-to partner in this space,” said Sala.
 
The new combined company will also benefit from strategic regional offices in various locations around the world. Facilities will be set up in the Italian capital of Rome, the US gambling haven of Las Vegas, Nevada, as well as Providence in the state of Rhode Island.
 
Sala also confirmed that chief executives will be appointed for various regions around the world. Renato Ascoli will take on the role for North America Gaming, Walter Bugno has assumed the International position, Fabio Cairoli has been appointed to the role for Italy, while Michael Chambrello will take on the role for the North America Lottery operation.
 
“We will provide top-performing content across multiple platforms enabling players to experience their favourite games across all regulated segments and channels, all with our unwavering Customer First approach,” Sala said.

“With a truly global reach, we will share expertise and experience both geographically and across market segments. The combination of GTECH and IGT is a winning combination.”

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