IGT shareholders approve GTECH takeover
$6.4bn acquisition on track to complete in the first half of the year after more the 72% of IGT shareholders vote in favour of the deal
GTECH has moved one step closer to completing its US$6.4bn acquisition of International Game Technology (IGT) after the latter’s shareholders unanimously approved the deal at a special meeting in Las Vegas yesterday.
More than 99% of votes represented and cast at the meeting, or around 72% of the total eligible votes, were in favour of the merger which is expected to complete in the first half of the year.
GTECH also revealed the time period provided by the Italian Civil Code to enable creditors to oppose the merger had expired in January.
The update comes after GTECH announced dissenting shareholders had exercised their right to sell their shares back to the firm in December.
The mega-merger was first announced back in July last year with GTECH paying $4.7bn in cash and stock while also assuming $1.7bn of IGT net debt.
A new UK-headquartered holding company, referred to as NewCo, will be set up and listed on New York Stock Exchange.
Current GTECH chief executive Marco Sala will become NewCo CEO and will serve on a board of directors consisting of IGT chairman Phil Satre, who will take up role of NewCo chairman, and current IGT CEO Patti Hart who will serve as vice-chairman.
The combined company will also have offices in Las Vegas, Providence and Rome, and the two companies said they expected the deal would create around $280m in synergies.
The new entity would have posted more than $6bn in pro forma revenues and more than $2bn in pro forma EBITDA for the 12 months ended 31 March 2014.