Thursday, Sept. 2, 1999 | 11:41 a.m.
International Game Technology of Reno said it today completed its acquisition of Sodak Gaming, Inc., a distributor of casino gaming products and software systems.
IGT acquired Sodak for $10 per share in cash, totaling approximately $230 million. The purchase was financed using a portion of the proceeds received from the earlier sale by IGT of $1 billion of senior notes.
Sodak is expected to sell its Miss Marquette Iowa riverboat casino and associated real property and assets to Lady Luck Gaming Corp.
Sodak will operate as an independent subsidiary of IGT and remain headquartered in Rapid City, S.D Following the merger, Roland Gentner will serve as president and chief executive officer of Sodak for at least one year.