IGT Examines Strategic Options for Global Gaming and PlayDigital Segments
International Game Technology PLC (IGT), a prominent figure in the iGaming industry, has recently made an announcement that its Board of Directors is contemplating various strategic alternatives for its Global Gaming and PlayDigital segments. The intention behind this exploration is to fully unlock the potential value encompassed within IGT’s portfolio.
The range of potential alternatives being considered by IGT’s board is broad, and includes possibilities such as a sale, merger, or spin-off of these segments. Additionally, the alternatives could involve retaining the Global Gaming and PlayDigital businesses and further investing in them.
To aid in this exploration of strategic options, IGT has engaged the services of financial advisors Deutsche Bank, Macquarie Capital, and Mediobanca. On the legal front, Sidley Austin and White & Case have been appointed to provide counsel during this process.
As of now, no firm decision has been made regarding the direction that will be taken with these segments. There is no fixed timeline for the review, and IGT has stressed that there’s no certainty that this exploration of strategic alternatives will culminate in any specific transaction.
In line with standard practice, IGT has stated that it doesn’t intend to provide commentary on these matters or update on progress unless it determines that further disclosure is deemed appropriate or necessary. This exploration process showcases IGT’s dedication to strategic and efficient decision-making within the dynamic iGaming landscape.
“Over the last three years, IGT has sharpened its strategic focus by reorganizing around core product verticals, monetizing non-core assets, reducing structural costs and significantly improving its credit profile,” said Marco Sala, IGT Executive Chair.”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders.”
“IGT is a global leader with deep expertise in lottery, land-based gaming, iGaming and sports betting,” said Vince Sadusky, IGT CEO. “We remain focused on the execution of our growth objectives and multi-year goals outlined in our November 2021 Investor Day as we undertake this review and evaluation of strategic alternatives. Regardless of the outcome of this process, IGT is well-positioned to deliver on its long-term growth and profit targets.”