IGT Purchased By GTech
- August 4, 2014
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GTech Spa, an Italian gambling firm has purchased one of the largest names in land based/online based gambling. International Game Technology, formally known as IGT has been purchased by GTech for a total of $6.4 Billion. This came as a shock to industry analysts as IGT is considered to be one of the biggest names in the industry and no one thought that they would be purchased for a long period of time. GTech will now own all the rights to IGT’s video slots and casino games from here on in.
This deal will allow for IGT to gain $4.7 Billion in cash while GTech will has to absorb the $1.7 Million that IGT has is debt. Normally companies won’t purchase a big name company that has a mass amount of money is debt but the fact of the matter is that IGT’s slot machines are everywhere. You could be at a land based casino, an online casino or at an casino on a cruise ship and find their games. They are a company that is beloved by millions of gamblers all around the worth, paying for their previous debt is a logical business decision.
Patti Hart, the previous CEO for IGT said, “It is a shame that I have to leave my position at IGT. Even though I will be called in for occasional advice I will no longer be the commander and chief. None the less I plan to see IGT continue to grow as one of the best gambling developers in the world.”