GTECH and IGT amend merger agreement
Interactive gaming software and services provider GTECH has announced an amendment to its previously agreed merger deal with gaming products designer and manufacturer International Game Technology (IGT).
In July, iGaming Business reported that GTECH had agreed a deal to acquire IGT for $4.7 billion (€3.7 billion) in cash and stock.
The two firms have now opted to amend the deal in order to improve the timing and certainty of completion of the transactions in the interest of the companies and shareholders.
Under the amendment, IGT will be relieved of any additional regulatory and disclosure requirements that were expected to delay completion of the transaction.
Both parties said the amendment also reflects a reduced number of required approvals from gaming regulators as a condition precedent to closing of the deal.
Although the aggregate amount of stock and cash to be paid to IGT is unchanged, the amendment will eliminate the mechanism for IGT shareholders to elect all-stock, all-cash consideration, or a mixed election subject to proration.
Upon completion of the deal, IGT shareholders will receive the mixed consideration set out in the original agreement.
Related article: GTECH to acquire IGT for $4.7 billion