Italian gaming and lottery technology company GTECH has a deal to acquire US based gaming device maker IGT (International Game Technology) for $6.4b. According to “Calvinayre” the two companies are heralding the deal for creating what GTECH described as the “world’s leading end-to-end gaming company” and this deal marks the biggest foreign acquisition by an Italian company to date in 2014.
The deal expects to be completed by Q1 or Q2 of 2015. GTECH will pay $4.7b in cash while assuming $1.7b in IGT debt.
The deal calls for the establishment of a new UK-based holding company that will list itself on the NYSE (New York Stock Exchange), while IGT and GTECH will cease trading on their respective exchanges.