IGT shareholders to vote on GTECH merger

GTECHIGT

International Game Technology (IGT) shareholders will vote on 10 February to pass the planned $.6.4 billion merger agreement with GTECH SpA.

The shareholder vote will be held at MGM Grand Lad Vegas, and will require the approval of Nevada Gaming Board. If approved the merger will see GTECH and IGT form a new company head-quartered in the UK.

IGT agreed last summer to be acquired by Italy-based GTECH for $4.7 billion in cash and stock, and assumption of $1.7 billion of the Nevada-based slot maker’s debt.

In July 2014 initial acquisition talks between the two parties commenced. Lottery and gambling technology supplier GTECH would amend its acquisition terms in September 2014, in order to secure the lending capital for the $4.7 billion needed to finalise its acquisition.

In November GTECH SpA has announced that it has entered a $2.6 billion five year senior facilities agreement with a syndicate of twenty banks in order to finalise its acquisition of International Game Technology (IGT).

The financing agreement will provide GTECH SpA with a $1.4 billion multi-currency credit facility.  The corporation have also been granted a further €850 million in open credit, which it may choose to access.

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