Lottery and gaming giant GTECH S.p.A. announced that its merger with leading slot manufacturer International Game Technology was approved by the High Court of England and Wales, to be effective April 7. The approval sets up a new holding company that will serve as the parent of the combined company, to be called International Game Technology Plc. The new company will be listed as IGT on the New York Stock Exchange.
The merger will become effective at 12.01 a.m. April 7, subject to the satisfaction or waiver of the remaining conditions precedent set out in the July merger agreement for the acquisition of IGT by GTECH.
After the closing of the acquisition, GTECH will be rebranded as IGT. The GTECH name will eventually disappear. As part of the sign changeover, the letters “IGT” will replace the blue “GTECH” letters at the top of the 13-story tower that rises above GTECH’s current Rome and Providence, Rhode Island headquarters locations.
Rome and Providence will become operating headquarters of the merged company, with worldwide corporate headquarters to be located in Las Vegas. IGT’s Reno facility will be the main manufacturing plant of the combined company.
Providence will serve as North American headquarters for the lottery and gaming business units. The officers will be Renato Ascoli, chief executive officer, North America Gaming/Interactive; Michael Chambrello, chief executive officer, North America Lottery; Alberto Fornaro, chief financial officer; Donald R. Sweitzer, chairman, IGT Corp. (North America) and senior public affairs adviser; and Robert Vincent, senior vice president, human resources and corporate communications.
In February, Jaymin B. Patel, a GTECH board member and president and chief executive officer of GTECH Americas, resigned to take over as president and chief executive officer of Miami-based wireless company Brightstar.
Marco Sala, a top GTECH executive, will become chief executive officer of International Game Technology.
“We have brought together a talented team of proven leaders to combine two great companies, forming a powerful lottery and gaming enterprise that will provide leadership and value to our customers around the globe,” Sala said.
The merger has already been approved by the boards and shareholders of both companies, and Nevada regulators recently approved the deal—the last of 22 required regulatory approvals. The $6.4 billion price tag for the acquisition includes $4.7 billion in cash and stock and the assumption of $1.7 billion of IGT’s debt.
The merged company will be 51 percent-owned by the De Agostini Group, based in Rome, and will be 49 percent-owned by public shareholders. The company has around 8,500 employees worldwide.
