• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GTech owners nod merger into U.K. unit ahead of IGT deal

Nov 05, 2014 Newsdesk Industry Talk, Latest News, Top of the deck, World  


GTech owners nod merger into U.K. unit ahead of IGT deal

Shareholders of Italy-based lottery equipment and management specialist GTEch SpA on Tuesday approved the merger of the firm into a subsidiary called Georgia Worldwide PLC established under the laws of England and Wales.

It is an early step down a road that will lead to GTech’s multibillion U.S. dollar merger with  U.S.-based slot machine maker International Game Technology (IGT), and the listing of the new holding company’s ordinary shares on the New York Stock Exchange.

Under the rejig, Georgia Worldwide will become the holding company for the GTech-IGT merger. The ordinary shares of the U.K. holding company would then be listed on the New York Stock Exchange “to further increase the visibility of the combined group on international capital markets and to attract new investors”, GTEch has previously said.

The name of Georgia Worldwide may change before the effective date of the merger, according to the company.

The approval of GTech shareholders on Tuesday for the rolling of the firm into the U.K holding company had been expected, as the company is majority owned – with 58.7 percent – by the Italian conglomerate De Agostini SpA and a related company called DeA Partecipazioni SpA.

GTech gave an explanation in a Monday filing for why the holding company was being set up in the U.K.

It stated: “Once the transaction has completed, UKCo’s [Georgia Worldwide’s] main market is expected to be the United States, followed by Italy and the United Kingdom. Therefore, incorporating UKCo in the United Kingdom provides a geographic, logistic, cultural and linguistic balance between the several activities of the group and enhances the global profile of the combined company.”

GTech is listed on the Borsa Italiana in Milan.

GTech had approximately EUR3.1 billion (US$3.9 billion) in revenues and 8,600 employees in 2013, with operations in approximately 100 countries on six continents, according to the company.

The lottery firm in July announced it was acquiring IGT for US$6.4 billion, comprised of US$4.7 billion in cash and stock, and the assumption of US$1.7 billion in net debt. The deal is due to be completed in the first half of 2015.


  • tweet
Related articles
  • IGT to focus on Advantage, licenses out Galaxis, System2Go
    IGT to focus on Advantage, licenses out...

    Dec 23, 2020  

  • IGT US$1bln sale in Italy aids valuation: Union Gaming
    IGT US$1bln sale in Italy aids...

    Dec 09, 2020  

More news
  • Digital yuan eventually for Macau mass bets mulls Bernstein
    Digital yuan eventually for Macau mass...

    Jan 22, 2021  

  • Macau Covid-19 case no bar to mainland travel ties
    Macau Covid-19 case no bar to mainland...

    Jan 22, 2021  


Latest News

Digital yuan eventually for Macau mass bets mulls Bernstein

Digital yuan eventually for Macau mass bets mulls Bernstein

Jan 22, 2021  

Were China’s central government-backed digital yuan (CNY) to be adopted in Macau for casino chip transactions, it could in the long run benefit mass and premium-mass play, as cross-border money...
Read More
Macau Covid-19 case no bar to mainland travel ties

Macau Covid-19 case no bar to mainland travel ties

Jan 22, 2021  

Mohegan seeks govt nod to delay Inspire opening

Mohegan seeks govt nod to delay Inspire opening

Jan 22, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao"

Wilfred Wong Ying Wai

President of Macau-based casino operator Sands China



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino op MGM China to pay most staff discretionary bonusCasino op MGM China to pay most staff discretionary bonus January 18, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us