International Game Technology (IGT.N) announced on Thursday its decision to split its global gaming and playdigital businesses and merge them with gaming machine maker Everi Holdings (EVRI.N) in a deal valued at $6.2 billion, including debt.

Under the terms of the agreement, IGT shareholders are expected to retain approximately 54% ownership of the combined company, while the remaining portion will be held by Everi stockholders. The strategic move follows a comprehensive review by IGT’s board of its Global Gaming and PlayDigital businesses.

The deal will result in the separation of IGT’s offerings, including land-based gaming, iGaming, sports betting, and fintech, leaving behind a pure-play global lottery business. By combining forces with Everi Holdings, IGT aims to enhance its position in the gaming industry and unlock new growth opportunities.

Source: Reuters