Brief: IGT's Global Gaming, PlayDigital Businesses To Combine with Everi In $6.2 Bln Deal

Everi Holdings

29/02/2024 11:06

Feb 29 (Reuters) - Everi Holdings Inc  EVRI.N :
    * IGT'S GLOBAL GAMING AND PLAYDIGITAL BUSINESSES TO COMBINE
WITH
EVERI, CREATING A COMPREHENSIVE GLOBAL GAMING AND FINTECH
ENTERPRISE
    * INTERNATIONAL GAME TECHNOLOGY PLC - DEAL VALUES COMBINED
BUSINESSES AT APPROXIMATELY $6.2 BILLION ON AN ENTERPRISE VALUE
BASIS
    * INTERNATIONAL GAME TECHNOLOGY PLC - AT CLOSING, IGT
SHAREHOLDERS
ARE EXPECTED TO OWN ABOUT 54% OF SHARES IN COMBINED COMPANY
    * INTERNATIONAL GAME TECHNOLOGY PLC - EXPECT TO GENERATE
OVER $800
MILLION OF ANNUAL ADJUSTED CASH FLOW IN THE SECOND YEAR
FOLLOWING THE CLOSING OF DEAL
    * INTERNATIONAL GAME TECHNOLOGY PLC - IGT CEO VINCE SADUSKY
TO
LEAD COMBINED COMPANY
    * INTERNATIONAL GAME TECHNOLOGY PLC - EVERI EXECUTIVE
CHAIRMAN
MICHAEL RUMBOLZ TO SERVE AS CHAIRMAN OF BOARD OF DIRECTORS OF
COMBINED COMPANY
    * INTERNATIONAL GAME TECHNOLOGY PLC - PROJECTED PRO FORMA
2024
REVENUE OF ABOUT $2.7 BILLION, PROJECTED PRO FORMA 2024 ADJUSTED
EBITDA OF ABOUT $1 BILLION FROM DEAL
    * INTERNATIONAL GAME TECHNOLOGY PLC - IGT SHAREHOLDERS WILL
RECEIVE APPROXIMATELY 103.4 MILLION EVERI SHARES
    * INTERNATIONAL GAME TECHNOLOGY PLC - SPIN-OFF  IS EXPECTED
TO BE
TAXABLE TO IGT SHAREHOLDERS FOR U.S. FEDERAL INCOME TAX
PURPOSES.
    * INTERNATIONAL GAME TECHNOLOGY PLC - WILL RECEIVE
APPROXIMATELY
$2.6 BILLION IN CASH THAT WILL BE FUNDED WITH PROCEEDS OF DEBT
INCURRED BY COMBINED COMPANY
    * INTERNATIONAL GAME TECHNOLOGY PLC - CURRENT EVERI CEO
RANDY
TAYLOR WILL BE A MEMBER OF COMBINED COMPANY BOARD OF DIRECTORS

Source text for Eikon:  ID:nPn6wZsbBa 
Further company coverage:  EVRI.N 

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