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Everi to merge with Global Gaming, PlayDigital in new multi-billion dollar deal

March 1, 2024 World Events & AnnouncementsiGaming & Gambling

In a recent multibillion-dollar transaction, IGT’s Global Gaming and PlayDigital businesses will merge with Everi Holdings Inc., a significant provider of fintech and loyalty solutions, the companies said.

The final deal states that IGT would divide its PlayDigital and Global Gaming businesses via a taxable spin-off to its shareholders. These businesses will then instantly join with Everi to create a fully integrated global gaming and fintech company.

Following the merger, it is anticipated that shareholders of Everi would control 46% of the combined company, while shareholders of IGT would possess about 54%. The combined businesses are valued at US$6.2 billion on an enterprise value basis, according to the merger, which was approved by the boards of directors of both companies.

CEO of IGT Vince Sadusky will continue to run the combined company, with personnel from both companies assuming key leadership roles. Michael Rumbolz, the Executive Chairman of Everi, will head the combined company’s Board of Directors.

IGT’s Global Lottery business will be able to function as a committed global lottery participant thanks to this partnership.

Marco Sala, Executive Chair of the Board of IGT said that a major milestone in that process has been reached with the announcement of the said transaction. Through the acquisition, two robust gaming systems with complimentary capabilities, global distribution, and room to develop will be combined. Additionally, it makes it possible to split off IGT’s PlayDigital and Global Gaming divisions from our Global Lottery division, creating a pure play worldwide lottery firm.

After the merger, investors in IGT will continue to own a majority stake in the combined company that offers global gaming, digital, and financial services, as well as complete control over the international lottery sector.

By 2024, it is anticipated that the recently founded company would generate around US$2.7 billion in revenue and US$1 billion in adjusted EBITDA.

With Everi rebranding as International Game Technology, Inc. and listing on the New York Stock Exchange under the ticker symbol IGT, the acquisition is anticipated to finalize in late 2024 or early 2025.

Original story by: IAG

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