Italian gaming company GTECH S.p.A. announced earlier today that all preconditions related to the completion of its merger with Nevada-based International Game Technology into International Game Technology PLC have been fulfilled.
GTECH is currently among the world’s leading lottery operators and providers of gaming solutions. As for International Game Technology, it specializes in the production and distribution of gaming machines, network system and mobile gaming products.
The merger between the two companies is to become effective on Tuesday, April 7 when the acquisition of International Game Technology will be finalized. As a result, GTECH shares will be swapped for shares in International Game Technology PLC. Furthermore, shares in International Game Technology will be swapped for cash and shares in International Game Technology PLC.
The latter company’s shares are to start trading on the New York Stock Exchange as of April 7. Thursday, April 2, will be the last day of GTECH shares trading on the Italian Stock Exchange.
The merger between GTECH and International Game Technology was first announced in July 2014. The deal, however, could not be finalized before the Nevada Gaming Control Board and the Nevada Gaming Commission gave their final approval.
The new company’s headquarters will be located in the United Kingdom but the current offices in Rome, Las Vegas, and Providence, Rhode Island will be kept.
Marco Sala will take up the position of Chief Executive Officer of International Game Technology PLC. Mr. Sala is currently CEO of GTECH.
The news about the merger completion comes only a day after GTECH announced that Neil Abrams was appointed as its new Senior Vice President and General Counsel. Mr. Abrams will be in charge of the company’s legal team and will report to Alberto Fornaro, Executive Vice President and Chief Financial Officer.
Mr. Fornaro pointed out that the company’s legal team is to play an extremely important role in the merger with International Game Technology, as it will be expected to make sure that the changes will be implemented smoothly and successfully. This is why he believes Mr. Abrams’ considerable experience in the field will help GTECH meet its new objectives.
Mr. Abrams was previously in charge of IBM’s acquisition legal matters and mergers. He also took several other executive positions at the technology giant.
