In a recent announcement, lottery giant GTECH has purchased slot machine manufacturer International Game Technology (IGT) for a whopping $6.4 billion dollars. The merger will result in a newly formed holding company within the United Kingdom. Italian based GTECH will assume $1.7 billion of debt, and pay an additional $4.7 billion in cash and stock for the acquisition.
The merged companies will continue to operate under the name of GTECH and will continue with their main quarter headquarters in the United Kingdom as well as operating headquarters in Las Vegas, Providence, R.I., and Rome.
IGT is already the gaming industry’s largest manufacturer, and this merger will significantly increase their power and presence within the gaming world. IGT is best known for their slot machines, game library, innovative operating capabilities, as well as their powerful manufacturing division. When this is combined with GTECH’s lottery technology, lottery services, and gaming operations—they are a force to be reckoned with.