Casino News

IGT to merge its PlayDigital and Global Gaming divisions with Everi

International Game Technology (IGT) and Everi Holdings Inc. have reached an agreement regarding the terms of which IGT will immediately merge its Global Gaming and PlayDigital businesses with Everi to form a diversified and all-encompassing global gaming and fintech enterprise. This separation will occur through a taxable spin-off to IGT shareholders. 

As per the provisions of the agreements, IGT shareholders are anticipated to possess around 54%, and Everi stockholders are anticipated to own around 46% of the combined company’s shares at the time of closing. The combined enterprises are valued at around $6.2 billion on an enterprise value basis.

As stated by Marco Sala, the Executive Chair of the Board at IGT, the company was diligently exploring potential solutions for their PlayDigital and Global Gaming divisions to extract their asset portfolio’s intrinsic value. The agreement represented the path ahead.

According to Vince Sadusky, the CEO of IGT, the two divisions of the company are being merged in order to further strengthen them. This will effectively tackle additional concerns pertaining to the gaming ecosystem. By segregating the two verticals, their operation will be enhanced.

As stated by Michael Rumbolz, the Executive Chairman of Everi, the collective verticals will unveil a comprehensive range of offerings and services, including gaming platforms, to generate additional revenue streams for clients.

Future shareholders will receive prospective value from the combination, including an all-encompassing collection and an accurate financial scale. In addition, a mandatory growth component, an improved balance sheet, projected pro forma, a world-class team, and the generation of annual adjusted cash flow exceeding $800 million in the subsequent year will be included. Everything will be subject to taxation.

Following the closing, Vince Sadusky will head the company, with CFO Fabio Celadon from IGT and CEO Randy Taylor, as well as CFO Mark Labay from Everi. Everi’s Michael Rumbolz will serve as Chairman of the Board of Directors.

Once the agreement is completed, IGT’s balance operations will include its current Global Lottery vertical and corporate-backed activities.

IGT is a globally recognized corporate entity specializing in gaming. They provide connected gamers with an introduction to responsible gaming and incredibly exhilarating exposure. These include digital and sports wagering, in addition to lotteries and gaming instruments. Their services provide audiences with unparalleled gaming exposure by leveraging cutting-edge technology, superior content, and operational expertise.

Everi’s objective is to achieve dominance in the gaming industry. As a leading provider of technological solutions for casinos, they have made a commitment to consistently develop premium products and services that enhance the gaming experience and foster greater engagement and loyalty among players.

David Bright

David Bright joined Times of Casino as a news writer focused on the casino industry. He holds a bachelor degree in Economics and Accounting and currently contributing in-depth news articles. David writes on the casinos, gambling legislation, poker, and much more.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button