The Italy-based lottery giant GTECH announced that it has received Nevada gaming regulatory authorities’ approval of its acquisition of the US-based slot machine maker International Game Technology (IGT). This is considered as the largest one in the sector with a price of the merger estimated to $6.4 billion.
The transaction was first announced on July 16th 2014, but it was awaiting a final judgment until now.
The favorable decision was made after several hours of special meetings that took place in Las Vegas. The approval came after the deal was carefully considered by local regulators – Gaming Control Board and Nevada Gaming Commission.
This is the final approval of the merger made by the authorized gaming authorities. There is a court order expected to be issued in the upcoming weeks, which must settle the date of the transaction’s effectiveness.
According to a statement made by the Chief Executives of GTECH, the deal is expected to close in the middle of April this year.
After getting the green light from the authorities responsible for the permission, GTECH revealed that the combined companies are planned to be rebranded after the merger is finalized. The company shared that the entity will be named after the acquired company, and the GTECH name is expected to officially disappear in a period of about twelve months.
In addition, as announced on the website of the company, the owner company – Georgia Worldwide PLC – has altered its name to International Game Technology PLC. The re-named entity is expected to become the leader in the business of providing innovative gaming solutions on a global scale.
After the merger and rebranding are completed, the corporate headquarters of the combined company are planned to be located in the UK. Still, operating headquarters will be kept by IGT in Las Vegas, Rome and Providence, R.I. The new entity will be a publicly-traded one and is expected to be listed on the New York Stock Exchange under the symbol IGT.
There are no major management changes expected after the deal is closed. The current Chief Executive Officer of GTECH – Marco Sala – will remain a head of the merged company. The Italy-based lottery giant has unveiled the planned corporate structure and the team of executives that will be put on the lead of the combined organization.
GTECH also shared that the new entity intends to weigh the strengths and weaknesses of the two separate companies in order to turn them not only in the world’s biggest gaming and lottery company, but also in a global leader that is to determine the market’s conditions.
