Last week, International Game Technology struck a deal with GTECH which will see the two companies combine to create one large online gambling superpower. Industry professionals are pleased with the development and they have called it a ‘plus’ for the online casino market. The deal was sparked by IGT’s financial troubles, as the operator shopped for company to takeover its business.
Finally, GTECH presented itself as the ideal partner and decided to purchase IGT for $6.4 billion. It seems like IGT could not have picked a better partner. GTECH is the world’s most successful lottery provider, with an annual turnover of more than $4 billion a year. After the two companies combine, GTECH will continue to lead in the lottery market and assume a leadership role in the online and land-based casino gambling world.
Patti Hart, CEO of IGT, is thrilled with the result. She believes that the acquisition will give IGT the chance to start over with one of the most successful gambling providers in the world. “This opportunity comes along once in a CEO’s lifetime,” she says “The ability to start from scratch and create a company with this strength is all about the perfect timing.”
IGT will continue to operate as subsidiary of GTECH, which is great news for IGT employees. Currently, there are 4200 people employed at IGT around the world, and they will be able to keep their jobs in light of the new takeover. The deal will help GTECH continue to expand throughout the worldwide gambling market.
The company already owns two other pokie providers, Spielo and Atronica, and IGT will help GTECH continue to expand as a leading operator in the international gaming machine market.
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