GTECH CEO talks up IGT acquisition
Chief executive insists $6.4bn merger "makes sense on both sides" and will create a "truly complete" gaming company
GTECH chief executive Marco Sala said his firm’s US$6.4bn acquisition of IGT “makes sense for both sides” in the firm’s first meaningful comments on the proposed deal.
Speaking during a conference call after the firm’s H1 results last week, Sala said the deal would be transformational for both GTECH and the gaming industry as a whole and would create a “single point of accountability” for operators.
“We will have the most diversified product portfolio in the gaming industry, and we will also enter the social gaming space in a substantial way with IGT’s industry-leading Double Down social casino,” Sala said. “We’re sure of the returns [on the investment] over time.”
“[The merger] will make us a truly complete gaming company, and it will make for a very powerful and compelling offering,” he said.
News of GTECH’s interest in acquiring IGT was first revealed in June before the two suppliers signed the $6.4bn merger agreement last month, however the deal is not expected to close until Q2 2015.
The transaction will see the formation of a new holding company, to be headquartered in the UK and listed on the New York Stock Exchange, which will be led by Marco Sala and a board of directors comprising of IGT chairman Phil Satre and CEO Patti Hart.