Consumer Discretionary Company Everi Hldgs Announces Merger With Intl Game Tech

Everi Hldgs EVRI has announced a merger with Intl Game Tech IGT that is expected to be completed 2024.

Under the terms of the agreement, Everi Hldgs has agreed to give Intl Game Tech $6.20 billion in in exchange for IGT stock. Currently, neither company has disclosed whether the paymentwill be in cash or in stock.

About The Companies Involved

Everi Holdings Inc provides entertainment and technology solutions for the casino, interactive, and gaming industry. It operates in two segments namely Games and Financial Technology Solutions (FinTech).

International Game Technology PLC is a gaming company that delivers entertaining and responsible gaming experiences for players across all channels. The company's operating segments include Global Lottery, Global Gaming, and Digital & Betting.

How A Merger Works

A merger happens when a company combines operations with another company. In practice, one company will buy the other company's stock in exchange for its own stock. In some cases, cash is used to pay for the company's stock but usually the companies agree to a stock-for-stock transaction.

Due to the exchange and acquisition of stock, a merger is similar to an acquisition. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.

Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.

This article was generated by Benzinga's automated content engine and reviewed by an editor.