IGT’s Board has revealed that it is ‘considering strategic alternatives’ for its Global Gaming and PlayDigital divisions – in essence, putting the two subsidiaries up for sale.
To see the deal through, IGT has appointed Deutsche Bank, Macquarie Capital and Mediobanca to handle the sale, with Sidley Austin and White & Case acting as legal counsel for the process.
As of the present time, there has been no timescale put on the process, and – as is always the case when announcing a strategic review – IGT has revealed that the statement result may not end in a transaction.
Marco Sala, IGT’s Executive Chair, said of the potential sale of IGT’s assets: "Over the last three years, IGT has sharpened its strategic focus by reorganising around core product verticals, monetising non-core assets, reducing structural costs and significantly improving its credit profile.
“We believe the intrinsic value of IGT's market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT's shareholders."
Meanwhile, Vince Sadusky, IGT CEO, added: "IGT is a global leader with deep expertise in lottery, land-based gaming, iGaming and sports betting.
“We remain focused on the execution of our growth objectives and multi-year goals outlined in our November 2021 Investor Day as we undertake this review and evaluation of strategic alternatives. Regardless of the outcome of this process, IGT is well-positioned to deliver on its long-term growth and profit targets."
