IGT's PlayDigital and Global Gaming branches are about to be added to the Everi gambling provider. The distribution of shares between the 2 industry giants will be around 54/46%.
Details on the New Combined Project
The freshly created business is valued at $ 6.2 billion. It is expected that the contract will be closed later in 2024 or at the beginning of next year. When everything is settled, Everi will be renamed. The brand is to be listed as IGT on the NYSE.
Some projective figures for the new business for 2024:
- AEBITDA — about $ 1 billion;
- revenue — around $ 2.7 billion;
- cost savings — nearly $ 85 million.
In the 2nd year, $ 800 million is predicted to be gained in YoY adjusted cash flow. A solid balance sheet enables flexible conditions for attracting fresh fund contributions and returning capital to stakeholders.
Thanks to this deal, IGT’s structure will be transformed into an international pure-lottery corporation with a strong-focus business strategy and a brilliant expert team. The agreement covers a proprietary catalogue of popular gaming franchises across several niches. For Everi, this merger is a great chance to deliver its fintech and gambling products to audiences beyond the USA via IGT’s commercial and distribution ecosystem.
Management and Comments on the Deal
The newly established organisation will be ruled by Vince Sadusky, who is now International Game Technology’s CEO. Meanwhile, Michael Rumbolz is set to head the emerging Board of Directors. For now, he is Everi’s Executive Chair.
Marco Sala, IGT’s high-ranking representative, is certain that this merger will strengthen both corporations via:
- complementing capabilities;
- expanding geographic standing;
- enhancing development opportunities.
In Mr Sadusky’s opinion, the union will make the 2 gambling giants even more influential and weighty. He emphasised the benefits of creating an all-round project, combining various high-quality products and extending the coverage of verticals.
The executive listed the niches to be involved. These are:
- iGaming;
- ground halls;
- financial technology;
- sportsbooks, and more.
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