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IGT Returns to Nevada Roots in $6.2 Billion Deal with Everi Holdings

By  |  February 29, 2024
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Nearly a decade after its merger with GTECH, International Game Technology (IGT), a leading slot machine giant, is making a significant return to its Nevada origins. In a landmark transaction valued at $6.2 billion, IGT has announced plans to merge its slot machine division and digital gaming operations with Las Vegas-based Everi Holdings.

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    According to the terms unveiled on Thursday morning, IGT’s slot machine division and digital gaming arm will be spun off from the lottery business to form a distinct public entity. The combined company will then merge with Everi, assuming the iconic IGT name for its operations.

    Analysts have lauded the move, highlighting the strategic advantages it offers across various sectors. Truist Securities gaming analyst Barry Jonas emphasized the comprehensive nature of the deal, stating, “The deal creates a one-stop show across land-based gaming, iGaming, sports betting, and financial technologies.”

    Jonas further noted the synergies between Everi’s financial technology and IGT’s management systems, projecting a more holistic offering with a robust back-end product portfolio.

    Upon the completion of the transaction, which is anticipated later in the year or in early 2025, existing IGT shareholders will retain a 54 percent stake in the newly formed IGT, with current Everi shareholders owning the remainder. The reconstituted company will have its headquarters in Las Vegas and will trade on the New York Stock Exchange.

    Source: The Nevada Independent