2022-04-22 – IGT (International Game Technology) has announced some breaking news this week. It says that it has entered into a final agreement to acquire game provider and third-party aggregator iSoftBet for around €160 million ($174.1) in cash.
It is the news that has echoed around the online gambling world and is sure to attract even more headlines as the process goes on. IGT says that the complete acquisition will double the IGT PlayDIgital content portfolio to more than 225 games.
It will also serve as a game aggregation platform that will distribute third-party games, as well as some data-driven promotional tools. All this means that the complete user experience and user engagement are expected to increase.
When Will the Takeover be Done?
You need to know that the takeover is not completely done and dusted. There are still minor details to be sorted out before it will be official. IGT says that the deal will probably be done in the second quarter of 2022, subject to the satisfaction of customary closing conditions. This should be a formal procedure, but once it is completed, the company will announce the big news.
Vince Sadusky, who is the CEO of IGT is very excited about the takeover. He states that the acquisition of iSoftBet will bring innovative content, advanced game aggregation capabilities, analytics, as well as promotional tools.
The company is also excited about the possibility to get strong and creative talent for IGT’s PlayDigital operations. Looking through the statement of Sadusky, it is easy to see just how excited the company is for the next step of its evolution.
He further adds that the takeover will enhance all competitive capabilities PlayDigital currently holds, so the future is indeed bright. The content that will be added is proven across Europe and North America, so customers can expect some top-class games and technology to the IGT portfolio that will increase even more.
The Details of the Deal
As well as the takeover, the complete administrative details of the deal have also emerged. In that line, Oakville Capital LLP will be the lead financial advisor to IGT. Additionally, Wachtell, Lipton, Rosen & Katz will be the legal advisor, with KPMG LLP acting as the tax and financial due diligence advisor for the deal.
M. Firon & Co, and Wiggin LLP, on the other hand, will serve as the legal advisor to iSoftBet and BDO Israel independent public accounting and tax company.
This takeover is not the first big announcement IGT has made this year. It follows another big news back in February when the company agreed to sell its Italian proximity payment business to PostePay. That deal was said to be worth around €646 ($700) million.
That business offers services through a payment tech platform and a network of 54,000 points of sale. These points of sale include bill payments and prepaid cards, as well as telco and e-vouchers top-up. What is more, it offers technological solutions like merchant and enterprise services.
The Rise of IGT
It doesn’t matter whether you are an experienced casino enthusiast or a newbie in the online gambling industry, IGT is a name that you surely know. There is simply no chance you haven’t come across the games created by IGT.
It is arguably the most popular and largest casino game developer, but it is one of the oldest as well. It was founded back in 1981, but it didn’t go public until 1990.
The company has produced dozens of hit slots and casino games, as well as skill games, progressives, VLT games, and it has even created multiplier games.
The latest acquisition of iSoftBet is the next big step in the evolution of IGT, and time has proven that the company is more than capable of adjusting to every trend in the online gambling world. If history teaches us anything, the future is bright for IGT.