IGT to merge with Italian-based GTECH

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Updated: 7/15/2014 10:41 pm
LAS VEGAS, Nev. (MyNews4.com & KRNV) -- Nevada-based International Game Technology, which operates an office in Reno, announced on Tuesday that it has entered into a merger agreement with GTECH S.p.A.

According to a press release, GTECH will acquire IGT for $6.7 billion, comprised of $4.7 billion in cash and the assumption of $1.7 billion in net debt. IGT and GTECH will combine under a newly formed holding company organized in the United Kingdom (NewCo).

"We are extremely pleased to reach a definitive merger agreement with GTECH as a result of our exploration of strategic alternatives to increase shareholder value. This outstanding combination of two global leaders redefines the future of the gaming industry. Together we are uniquely positioned to provide the industry's broadest and most innovative portfolio of best-in-class products, solutions and services," said Patti Hart, IGT CEO. "This strategic agreement positions us to further transform the industry while providing meaningful benefit and value to our customers, our employees and our shareholders."

The transaction has been unanimously approved by the boards of directors of both companies. NewCo will have its corporate headquarters in the United Kingdom and maintain operating headquarters in each of Las Vegas, Providence and Rome.

There is no word on what will happen to the Reno office.
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