Music & Games

IGT, Everi combining forces

March 1, 2024

International Game Technology PLC and Everi Holdings Inc. are combining forces via an agreement in which IGT will separate its Global Gaming and PlayDigital businesses by way of a taxable spin-off to IGT shareholders and combine such businesses with Everi.

The result, according to a press release, will create a comprehensive and diverse global gaming and fintech enterprise.

IGT CEO Vince Sadusky will lead the combined company with executives from both companies in key leadership roles and Everi Executive Chairman Michael Rumbolz will serve as chairman of the board of directors of the combined company, according to the release.

Under the terms of the agreements, at closing, IGT shareholders are expected to own approximately 54% and Everi stockholders are expected to own approximately 46% of the shares in the combined company.

"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," Marco Sala, IGT executive chair of the board, said in the release. "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 business, resulting in a pure play global lottery business. After closing, IGT's shareholders will continue to own one hundred percent of IGT's Global Lottery business, which is positioned for long-term success, and will own a majority of a combined company that offers global gaming, digital and fintech."

"We are bringing together two businesses with complementary strengths that are stronger and more valuable together," Vince Sadusky, IGT CEO, said in the release. "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."