Gaming equipment manufacturer and content provider International Game Technology Plc (IGT) said on Tuesday that its global lottery organisation would, with immediate effect, trade under the branding ‘Brightstar Lottery’.
Brightstar would be a “premier pure play lottery” upon completion of the sale of IGT’s gaming and digital business to Voyager Parent, LLC, the update stated.
The Voyager Parent entity is a holding company owned by funds managed by affiliates of private equity firm Apollo Global Management, Inc. The sale might occur as early as July 1, the announcement said. Funds affiliated with Apollo are simultaneously acquiring gaming technology supplier Everi Holdings Inc.
Following the closing of the lottery transaction, Brightstar’s ordinary shares would continue to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol, “BRSL”. The latter move would be “on or about” July 2.
The update said the lottery entity’s code under CUSIP (Committee on Uniform Security Identification Procedures) – the identifier for securities in North America – would not change.
The Brightstar brand would maintain the quality associated with the legacy lottery business, announcement stated.
Vince Sadusky, Brightstar’s chief executive, was cited as saying in the announcement, that the legacy lottery business had a “nearly 50-year history of reliability, innovation, and leadership”.
This was the “bedrock from which we are launching Brightstar” which would help the brand’s customers in terms of “digital adoption, shifting player expectations, and an increasing variety of gaming choices”.
Brightstar’s executive chair of the board, Marco Sala, was cited saying: “Brightstar will be well-positioned on driving innovation and growing the potential of the lottery business responsibly.”
This would be “for the entertainment of players, the success of our customers, and the support of the good causes they fund in their communities”.
The statement said Brightstar serves “nearly 90” lottery providers and their players across six continents. The company says it is the primary technology provider to 26 of the 46 lottery jurisdictions in the U.S., and seven of the world’s 10-largest lotteries.
