GTECH amends IGT acquisition terms

GTECHIGT

Lottery and gambling technology providers GTECH SpA amended the payments terms of its $4.7 billion acquisition of International Game Technology (IGT).

GTECH eliminated the terms which allowed investors to choose between all stock or all cash for holdings in IGT. The price of purchase set at $18.25 per share will be paid by GTECH offering $13.69 per share cash, plus stock in the soon to be merged company of GTECH & IGT.

GTECH who had been advised on the acquisition of IGT by Morgan Stanley Corporate Mergers, had changed the terms to avoid regulatory requirements that could delay the merger of the companies.

In July  GTECH had received binding commitments of $10.7 billion from Credit Suisse, Barclays and Citigroup to finance the deal.

A GTECH statement read that the company would be looking to finalise the acquisition and merger of IGT by the end of 2014.

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