Nevada Tentatively OKs IGT/GTECH

The Nevada Gaming Control Board approved the takeover of slot-maker IGT by lottery giant GTECH, with the new corporate name to remain IGT. Former Harrah’s CEO Phil Satre (l.) will remain as IGT chairman.

The Nevada Gaming Control Board approved the acquisition of leading slot manufacturer International Game Technology by Italian lottery giant GTECH S.p.A. The proposed acquisition now goes before the Nevada Gaming Commission for final approval.

During more than two hours of private meetings, company officials told regulators that the combined company will be branded as IGT, and the holding company for the two former entities, located in the United Kingdom, will be named International Gaming Technology PLC, according to a report in the Las Vegas Review-Journal.

The company will maintain corporate headquarters in the U.K. and operating headquarters in Las Vegas, Providence, Rhode Island and Rome, the report said. IGT’s Reno facility will become the merged company’s primary manufacturing facility. The combined company will be traded under the symbol IGT on the New York Stock Exchange.

Current IGT Chairman Phil Satre will serve as the merged company’s chairman, and CEO Patti Hart will become vice chairman. GTECH executive Renalto Ascoli will become CEO of the company’s North America Gaming/Interactive Division.

GTECH is acquiring IGT for $4.7 million in cash and stock, and assumption of $1.7 billion in debt. GTECH completed $5 billion in high-yield financing to complete the acquisition.