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IGT And Everi Combine Businesses To Build A Wider Reach

IGT has announced a merger with Everi, a gaming technology solutions provider, to deliver an all-encompassing portfolio and build a wider reach.
However, it’s important to note that the merger only involves IGT’s Global Gaming and PlayDigital businesses, with its Global Lottery division retaining full ownership.
The move on Thursday aligns with IGT’s long-term goal announced in June , to conduct a strategic review of its online gambling business. This strategic review included potential mergers, acquisitions, and other expansion initiatives.
In an IGT press release , Executive Chair of the Board Marco Sala said:
“As previously announced, IGT’s Board of Directors embarked on a review of strategic alternatives for our Global Gaming and PlayDigital businesses as a way to unlock the intrinsic value of our portfolio of industry-leading assets. The transaction announced today is a key milestone in that process.
The transaction will combine two robust gaming platforms with complementary capabilities, geographic footprints, and enhanced growth opportunities. It also facilitates the separation of IGT’s Global Gaming and PlayDigital businesses from our Global Lottery businesses, resulting in a pure play global lottery business.
After closing, IGT’s shareholders will continue to own 100% of IGT’s Global Lottery business, which is positioned for long-term success. They will own a majority of a combined company that offers global gaming, digital, and fintech.”
Having gotten approval from the board members of both parties, the merger has been valued at a whopping $6.2 billion . IGT ( NYSE:IGT ), coming in with the lion’s share, will own 54% of the joint business. While Everi, on the other hand, will have a slightly lower share at 46%.
IGT, Everi merger leads to reshuffling of executive roles
The merger has led to a restructuring of executive positions for both companies involved. Specifically, Vince Sadusky , who previously served as the CEO of IGT, will now assume the role of CEO for the newly combined entity.
Michael Rumbolz , the executive chairman of Everi, will assume the role of chairman of the board of directors for the newly merged company. The combined board will consist of 11 members in total. Among the 11 members, IGT will designate six, including Sadusky.
Everi will also appoint two directors to the board, one of whom will be its president and CEO, Randy Taylor . De Agostini S.p.A. will select the remaining three board members according to the terms of an investor rights agreement.
Additionally, following the completion of the merger agreement, Everi will undergo a name change to become International Game Technology, Inc. This transition will also entail the company’s stock trading on the New York Stock Exchange under the ticker symbol IGT.
Prospects for combined operations
IGT and Everi have outlined the mutual benefits of the merger and provided reasons for their initial decision.
At the forefront of these benefits is the notion that the merger will result in a more comprehensive portfolio encompassing digital, retail, and fintech gaming offerings. Sadusky commented:
“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.
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.”
Other perks of the merger include a plausible revenue profile, healthy cash flow, a strong balance sheet, and an enhanced profit margin . These factors will facilitate the efficient allocation of capital, fostering long-term value creation for shareholders.
Regarding financial performance, in their Q4 and 2023 full-year results, Everi indicated that it had a successful year and intends to build upon that success in 2024.
“After several years of rapid growth, 2023 was a transitional year in our gaming business as we executed on our roadmap, which included the introduction of four new cabinets and new content. Our FinTech business continues to perform well, adding new products and services to our suite of financial access, RegTech, and loyalty solutions,” Taylor said .
“We generated a strong free cash flow of $141.9 million after investing $67.6 million in research and development, $145.1 million in capital investments, and returning $100 million to shareholders through share repurchases.” The post IGT And Everi Combine Businesses To Build A Wider Reach appeared first on Play USA .

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