IGT to Merge Multiple Businesses

Today International Game Technology announced that they'll be merging their Global Gaming and PlayDigital brands with Everi to help facilitate global distribution of games.

IGT will have both businesses combine with Everi, which will then change its name to International Game Technology. The business is going to have IGT owning 54% of the business, with Everi holding 46%. The company will be listed on the New York Stock Exchange and is going to have a value of $6.2 billion. Some $1.6 billion will be used from the financing costs of the transaction to pay down Everi's debt, while IGT will get $2.6 billion in cash payments. The deal will be financed by Deutsche Bank and Macquarie Capital.

The business will be headed by current CEO Vince Sandusky, with Everi's Michael Rumbolz serving as chairman of the board.

Regarding the decision, IGT CEO Vince Sandusky said, "We are bringing together two businesses with complementary strengths that are stronger and more valuable together. The combination results in a comprehensive and diverse product offering, addressing more aspects of the gaming ecosystem across land-based gaming, igaming, sports betting and fintech."

There will be about $85 billion in cost savings for the merged companies, which will have cash flow estimated at $2.7 billion this year.

Casino Listings News is following this story and will be updating readers as appropriate.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.

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