GGRAsia – U.K. High Court approves GTech, IGT merger

U.K. High Court approves GTech, IGT merger

Mar 17, 2015 Newsdesk Latest News, Top of the deck, World

Lottery equipment and management specialist GTech SpA on Monday announced that the High Court of England and Wales has issued the order approving completion of its merger “with and into” International Game Technology Plc.

GTech is acquiring Nevada-based slot machine manufacturer International Game Technology (IGT) for a total consideration of US$6.4-billion. The combined companies will be branded as IGT, Italy-based GTech said in February.

The holding company will be established under the laws of England and Wales, while the ordinary shares will trade on the New York Stock Exchange under the symbol IGT.

In Monday’s statement, GTech said the merger “will become effective at 12.01am [GMT] on April 7, 2015,” subject to the “satisfaction or waiver” of the remaining conditions set out in the merger agreement.

“GTech will make an announcement as to the satisfaction or waiver of such conditions precedent promptly and, in any event, by the time the Italian Stock Exchange opens on April 1, 2015,” the company said.

IGT agreed last summer to be acquired by GTech for US$4.7 billion in cash and stock, and assumption of US$1.7 billion of the slot maker’s debt.

Earlier this month, GTech reported a wider loss for the fourth quarter of 2014 “primarily attributable” to the acquisition costs of IGT.