The integration process between GTech SpA and International Game Technology (IGT) has officially started, the chief executive of GTech, Marco Sala (pictured), announced on a corporate video released on Monday.
“We have officially kicked off our integration process,” Mr Sala said in the video, posted to the company’s website. “We have formed a steering committee of senior leaders from both GTech and IGT.”
He added: “The steering committee will be responsible for overseeing and guiding the integration planning. The committee will set key targets, make final decisions and help eliminate any obstacles along the way.”
Mr Sala also announced the formation of an integration management office, responsible for integration planning and the day-to-day project operations.
He however said that the future organisational design of the firm once the merger is completed would be decided in a separate process. “This means that the decision on whether to structure the business according to product lines, or according to geographic locations, will be decided separately,” Mr Sala explained.
GTech, an Italian commercial lottery operator and provider of gaming technology, is acquiring U.S.-based gaming supplier IGT for US$6.4 billion. The transaction, announced in July, is expected to be completed in the first or second quarter of 2015.
The merger is forecast to achieve savings worth more than US$280 million via synergies.
Mr Sala pointed out that, “until the merger is closed, GTech and IGT must operate as independent competitors. For now, anti-trust laws allow us to plan for the integration of the two companies.”
He added: “Due to the size and scope of this merger, I want to emphasise that these changes will not happen overnight.”
The casino equipment supply sector was surprised by a wave of mergers and acquisitions over summer. Besides the GTech-IGT merger, other deals include the acquisition of Video Gaming Technologies Inc, Bally Technologies Inc and Multimedia Games Holding Co Inc by Aristocrat Leisure Ltd, Scientific Games Corp and Global Cash Access Holdings Inc, respectively.
U.S.-based JCM Innovation Corp on September 2 announced it had finalised the acquisition of FutureLogic Inc.
Bally Technologies on Friday said that the schedule for the completion of the merger with Scientific Games had been brought forward. “We now anticipate the transaction closing by the end of 2014,” chief executive Richard Haddrill wrote in a letter to the firm’s employees.
Feb 26, 2024Macau visitor arrival volume in January more than doubled from a year earlier, recovering to 83.5 percent from the same month of 2019, i.e., before the onset of the Covid-19. The number of visitors...
Feb 23, 2024
Full-year 2023 revenue recorded by casino operator Genting Singapore