GTECH completes $6.4bn acquisition of IGT
Combined company, now known as International Game Technology, will begin trading on the New York Stock Exchange later today
GTECH this morning completed its US$6.4bn (£4.3bn) acquisition of International Game Technology (IGT), nine months after the merger was first announced.
The combined company will be known as IGT, with its corporate headquarters in London and operational offices in Rome, Providence, and Las Vegas.
Under the deal, GTECH paid $4.7bn in cash and stock and also assumed $1.7bn of IGT net debt, with the Italian lottery giant saying it expected the merger to realise around $280m in cost synergies.
The combined business is structured into four customer-facing business units operating in three regions; North America, International and Italy.
The North American business is made up of two separate units, one to look after its World Lottery Association customers named North America Lottery and the other for commercial customers named North America Gaming (NAG).
NAG also has global responsibility for the product development, manufacturing, marketing and delivery of all of the company’s gaming offerings, including the DoubleDown Casino business.
The International business unit is responsible for the strategic development and management of all business conducted outside of North America and Italy, across the company’s entire product portfolio.
The Italy business unit continues to operate in the same way as it did before, however, product development, marketing, manufacturing, and servicing are now supported by North America Lottery and North America Gaming.
Shares in IGT will begin trading on the New York Stock Exchange later today.