GTECH confirms $2.6bn agreement with banks to complete IGT acquisition

IGT stand
Slots developer IGT is the takeover target for Italian gaming company GTECH

Italian lottery and online gaming software provider GTECH has confirmed that it has agreed a five year senior facilities agreement worth $2.6 billion to complete its acquisition of land-based and online slots developer IGT. GTECH has raised the funding required for the buyout through multiple banking institutions.

The agreement will give GTECH $1.4 billion worth of multi-currency credit lines with an additional £1 million in open credit that the company can choose to dip into at any point in the future.

The acquisition of IGT, which was approved by GTECH shareholders earlier this week, will see GTECH and IGT function under a new company name of Georgia Worldwide Plc that will operate across the online gaming market and will be based in London.

Formerly known as Lottomatica, GTECH has gained a reputation as being the world’s largest operator of lotteries holding a number of lottery contracts in Europe, Asia, Latin America, the Caribbean and Australasia.

IGT is one of the world’s leading online slots developers with titles including the legendary Egyptian-themed Cleopatra slot and the recently released Miss Red slot giving the company a strong presence in the online slots market.

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