US – GTECH brand to be replaced with IGTBy Phil - 27 February 2015
Following Nevada gaming regulators approval of the casino manufacturing sector’s biggest-ever merger, GTECH and IGT have announced that the combined companies will be branded as IGT with the holding company named International Game Technology.
The GTECH brand is expected to disappear within 12 months.
It took three hours of meetings between the Gaming Control Board and Nevada Gaming Commission to approve Italy-based lottery company GTECH’s $6.4bn takeover of International Game Technology.
Upon the completion of the acquisition, IGT aims to be the global leader in delivering innovative end-to-end gaming solutions across the full spectrum of regulated gaming while continuing to transform the industry with cutting-edge technology and innovative content.
In addition, GTECH has announced the corporate structure and executive team that will lead the combined organisation. The new company will leverage the strengths of the two combined gaming industry leaders to become the largest gaming and lottery company in the world.
Marco Sala, GTECH S.p.A. Chief Executive Officer, said: “The combination of GTECH and IGT brings together two highly complementary legacy businesses to form the true blue chip company in global gaming. The new name and branding reflect this positioning. In addition, our two companies have similar core values; in fact, our respective names are derived from the same origin. The comprehensive footprint of our new group fully validates the global claim inscribed in the IGT name. Our new logo, marrying the IGT name and the iconic GTECH globe, draws upon the substantial brand equity of our two companies. It symbolizes our unique capacity to transform the industry with cutting-edge technology and innovative content; to deliver exciting game experiences through every channel, including gaming, lottery, interactive, mobile, and social; and to be the partner of choice in the global gaming industry.”
The new company will be shaped as a customer-facing organisation with four business units operating in three regions: North America, International and Italy.
With the specific intent to offer customers a single point of contact, the North America region will be comprised of two business units focused along different customers. Each will be separately responsible for driving the growth of the entire product portfolio for WLA customers (North America Lottery) and for Commercial customers (North America Gaming).
North America Gaming will also have global responsibility for the product development, manufacturing, marketing and delivery of all of the company’s gaming offerings. This includes interactive and sports betting, as well as oversight of the DoubleDown Casino online social gaming business. The respective legacy IGT groups across gaming and interactive will be integrated into North America Gaming as appropriate.
North America Lottery will have global responsibility for the product development, marketing, and delivery of all the company’s lottery offerings.
The International business unit will be responsible for the strategic development and management of all business conducted outside of North America and Italy, across the company’s entire product portfolio. The International organization will have specialized and separate sales and operations groups, each supported by the respective North America product and services organizations. The respective legacy International IGT groups will be integrated into the International business unit as appropriate.
The Italy business unit will operate as it does today. All product development, marketing, manufacturing, and servicing will be supported by North America Lottery and North America Gaming as appropriate.
The corporate functions related to Finance, Legal and Human Resources will be managed on a global basis.
Robert Vincent, Senior Vice President, Human Resources and Corporate Communications, added: “We have brought together a talented team of proven leaders to combine two great companies, forming a powerful lottery and gaming enterprise that will provide leadership and value to our customers around the globe,” continued Mr. Sala. “In the coming months, the new executive team will work together to optimize integration planning to achieve the synergies we have committed to delivering. By listening and learning from both companies, they will build on our combined strengths and craft the new organization’s future as a winning combination.”
As previously announced, the company will establish a corporate headquarters in the United Kingdom with operating headquarters in Rome, Italy, Las Vegas, Nevada and Providence, Rhode Island. Upon the close of the transaction, the company will be listed on the New York Stock Exchange under the symbol IGT.