GTECH S.p.A. (ISE: GTK) today announced that the U.S. antitrust authorities have granted early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to GTECH’s pending acquisition of International Game Technology, Inc. (NYSE: IGT), thereby satisfying one of the conditions required to finalize the transaction.
As previously announced on July 16, 2014, GTECH and IGT entered into a definitive merger agreement pursuant to which GTECH will acquire IGT in a transaction valued at $6.4 billion, comprised of $4.7 billion in cash and stock, and the assumption of $1.7 billion in net debt. Under the terms of the transaction, GTECH and IGT will combine under a newly-formed holding company organized in the United Kingdom (NewCo). The transaction, which has been approved by the boards of directors of both companies, is currently expected to be completed in the first or second quarter of 2015. The transaction is subject to the receipt of required regulatory and gaming clearances, approval by each of the GTECH and IGT shareholders, and other customary conditions.
