IGT maintains Q2 results as leadership backs Apollo buyout

IGT Plc maintains its corporate performance, as corporate governance endorses the offer of Apollo Global to acquire its Gaming & Digital business for $4.05bn in cash.

Publishing its Q2 accounts, the NYSE technology group matches its 2023 comparatives as group revenues stand at $1.05bn.

Period trading saw IGT’s Global Lottery unit register a 2% decrease in revenues to $613m (Q2 2023: $624m) – as Q2 lottery results were matched by a multi-year software license sale in the prior year.

The tech group’s Gaming & Digital unit sustained its revenues at $436m, with the unit securing elevated IP and software sales.

Q2 operating income declined by 8% to $230m, as group accounts accumulated $26m in separation and divestiture costs.

Meanwhile, group EBITDA stood at $420m, down 5% year-on-year, attributed to ongoing divestiture costs, while corporate net debt is maintained at $5bn.

The Q2 update concluded with IGT leadership issuing a statement in support of the PE fund acquiring its Gaming & Digital business for a $4.05bn cash deal.

Last Friday, Apollo, the world’s second-largest private equity fund, announced that it had proposed a combined $6.3bn deal to acquire IGT Gaming and Everi Holdings.

“IGT delivered strong first-half results, including record operating income and Adjusted EBITDA net of separation and divestiture costs,” said Vince Sadusky, CEO of IGT.

“Consistent investments in technology, game content, and other innovative solutions provide us a solid foundation to build on as we execute our growth objectives. The recently announced sale of our Gaming & Digital business for $4.05 billion in cash is an important step in unlocking the intrinsic value of IGT’s best-in-class businesses.”