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GTech finalises IGT acquisition

GTec

GTech
h has completed its $6.4bn acquisition of fellow provider International Game Technology (IGT), both companies have announced.

The combined companies will now be known as International Game Technology PLC, with its corporate headquarters being in Rome, Italy, Providence, Rhode Island and Las Vegas, Nevada, a joint statement released on the websites of both companies confirmed.

The acquisition of US-based IGT was first announced by both companies in July, with a view to driving competitive scale across multiple businesses and achieving over $280m in synergies, and has now been completed after being approved by shareholders in February.

The acquisition has been paid for with $4.7bn in cash and stock and the assumption of $1.7bn in net debt.

The terms of the agreement listed that IGT shareholders were to be paid an aggregate value of $18.25 per share.

GTech’s website reads on a section about the merger: “By adopting the IGT name and GTech's visual identity, we've melded two iconic brands into one.

“Together, we're uniquely positioned to provide the government-sponsored and commercial gaming industry with proven solutions across the entire continuum of products and channels.”

GTech last month reported a 52.5% year-on-year net income loss for 2014, declining to €83.3m from €175.4m.

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