GTECH completes IGT acquisition

8 April 2015

Interactive gaming software and services provider GTECH has completed its $6.4 billion (€5.9bn) acquisition of gaming products designer and manufacturer International Game Technology (IGT).

GTECH first announced in July last year that it had struck a deal to acquire IGT in a move that the company said would mark one of the largest mergers in the history of the gambling industry.

GTECH paid $4.7 billion in cash and shares for IGT and also took on $1.7 billion of the US firm's net debt.

Under the agreement, the new combined company will be known as IGT and will have its headquarters based in London, while GTECH chief executive Marco Sala becomes chief executive officer of the new company.

“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.

“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.

“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.”

Strategic offices will continue in the Italian capital city of Rome, Providence in the US state of Rhode Island, and Las Vegas, Nevada.

In addition to Sala as group chief executive, the company has also appointed chief executives for geographical zones - Renato Ascoli (North America Gaming), Walter Bugno (International), Fabio Cairoli (Italy) and Michael Chambrello (North America Lottery).

Shares in the new combined company began trading yesterday (Tuesday) on the New York Stock Exchange (NYSE).

“We are pleased to welcome IGT to the NYSE,” said Thomas W. Farley, NYSE group president.

“IGT is a premier global gaming operator shaping the future of entertainment and gaming, and an excellent addition to the NYSE's community of the world's leading companies.”

Related article: GTECH gains High Court approval for IGT merger