Jackpot: London becomes world's biggest slot machine maker after £2.7bn deal
London will become home to the world’s biggest maker of slot machines and the biggest provider of lottery systems following Gtech’s $4.7 billion (£2.7 billion) agreed takeover of Las Vegas-based International Game Technology today.
Gtech was one of the original backers of Camelot, the operator of the UK National Lottery, but is now best-known for running Italy’s state lottery, with its shares listed on the Milan bourse.
Today it offered shareholders in International Game Technology a mix of cash and shares at an 18% premium to the last share price traded in New York — equivalent to $18.25 a share.
The new holding company for the business will be based in Chancery Lane on the edge of the City. It will have operating centres in Las Vegas, Rome and Rhode Island. Gtech shares will drop their Italian listing and move to the New York Stock Exchange.
Marco Sala, chief executive of Gtech, said: “This is a transaction that we firmly believe will transform the gaming industry. We will have a library of games that will surpass that of any other company in the industry.”
Gtech said the cash portion of the deal would involve some new financing, and it had binding commitments worth $10.7 billion from Credit Suisse, Barclays and Citigroup.
