Gtech to buy IGT for $4.7B

|By:, SA News Editor

Gtech (OTCPK:GTKYY) has agreed to buy International Game Technology (NYSE:IGT) in a cash and stock deal worth $4.7B.

Gtech will pay an 18% premium on IGT's yesterdays closing stock price of $15.50 per share. Total transaction value is approximately $6.4B, as Gtech will assume $1.75B in existing IGT debt.

At a time when the gambling industry is experiencing slower growth, the new deal will link the world’s main provider of lottery systems with the largest slot-machine maker.

IGT +8.7% premarket