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International Game Technology and Everi to merge in $6.2 billion deal

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TLDR:

  • International Game Technology is merging its Global Gaming and PlayDigital businesses with Everi Holdings in a $6.2 billion deal.
  • The deal will leave IGT as a pure-play global lottery business.

International Game Technology announced a significant move by merging its Global Gaming and PlayDigital businesses with Everi Holdings in a deal valued at $6.2 billion, including debt. The decision comes after a thorough review of the two units and will result in IGT becoming a pure-play global lottery business by separating its offerings such as land-based gaming, iGaming, sports-betting, and fintech. The transaction is expected to bring about strong synergies and create significant value for both companies. Post-merger, IGT shareholders are anticipated to own around 54% of the combined company, with the remaining stake going to Everi stockholders. The deal is projected to close in late 2024 or early 2025 pending regulatory approvals. After the completion of the merger, Everi will rebrand itself as International Game Technology and list on the New York Stock Exchange as IGT. This strategic move is aimed at enhancing the overall capabilities and market position of both companies in the gaming industry. The deal’s financial implications include an enterprise value of $4 billion for IGT’s Global Gaming and PlayDigital businesses and $2 billion for Everi. Additionally, the merger is expected to yield cost savings of approximately $85 million and generate a projected pro-forma 2024 revenue of $2.7 billion. Leading the combined company will be IGT CEO Vince Sadusky, who expressed confidence in the synergies and strengths of the two businesses coming together. The merger is set to create a more robust and valuable entity in the gaming sector, poised for growth and success in the evolving industry landscape.


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