IGT SEPARATE LOTTERY AND GAMING BUSINESS – MERGER WITH EVERI
IGT announced late last week that it would be splitting its lottery and gaming divisions. The deal will see the Global Gaming and PlayDigital divisions, which deal with land-based gaming, sports betting and iGaming content and products merge into Everi Holdings. This will create a comprehensive and diverse portfolio of high-performing land-based gaming, iGaming, sports betting, and fintech gaming products and services.
IGT Global Lottery business will operate as a pure play global lottery player with a focused, compelling business model and optimised capital structure to drive long-term shareholder value.
The transaction will be executed through a series of steps where IGT will spin off a subsidiary, owning its Global Gaming and PlayDigital businesses, to IGT shareholders. That entity will then combine with Everi, with IGT shareholders receiving shares of Everi common stock and Everi continuing as the parent company. IGT shareholders will retain 54% of the combined company while Everi shareholders should hold the remaining 46%. IGT’s shareholders will continue to own one hundred percent of IGT’s Global Lottery business.
IGT CEO Vince Sadusky is excited about the new opportunity presented by this strategic move.
“The creation of separate gaming and lottery companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders,” Sadusky explained.
There will be some changes in the listing names of the two companies. The deal is expected to close out either later this year, or in early 2025. Once this is complete, subject to regulatory approvals, the IGT/Everi merger will become International Game Technology and trade on the New York Stock Exchange under the IGT ticker. The original IGT will change its own ticker to focus fully on the lottery business, trade separately, and also stay on the New York Stock Exchange.
See the official IGT media release here >>> IGT’s Global Gaming and PlayDigital Businesses to Combine with Everi, Creating a Comprehensive Global Gaming and FinTech Enterprise
