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November 1, 2014

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Gtech-IGT buyout passes initial regulatory hurdle

Image

Steve Marcus

A man plays an “Avatar”-themed video slot machine by International Game Technology (IGT) during the G2E convention at the Sands Expo Center Tuesday, Sept. 24, 2013.

Italian lottery operator Gtech and Nevada-based International Game Technology say they've cleared one regulatory hurdle in a multi-billion-dollar buyout that the companies expect to complete in the first half of 2015.

IGT announced Monday the deal received early termination of a required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The transaction is subject to additional conditions, including foreign antitrust clearances, regulatory and shareholder approval.

The firms announced last month that Gtech would buy IGT in a deal valued at $6.4 billion. Gtech would pay $4.7 billion in cash and stock, including $1.7 billion in debt.

Gtech is based in Rome. IGT is based in Las Vegas.

The two firms plan to form a new holding company with corporate headquarters in the United Kingdom.

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