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Wednesday, July 16, 2014

Italy's GTECH to purchase gaming company IGT for $6.4 billion including debt, (NYSE: IGT)

Italy's GTECH SpA will purchase International Game Technology in a cash-and-stock deal valued at $6.4 billion, including net debt, the companies said on Wednesday. GTECH will pay $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt, the companies said in a statement.IGT and GTECH will combine under a newly formed holding company based in the United Kingdom. The new company will apply for listing solely on the New York Stock Exchange.IGT shareholders will receive a total of $18.25 per share in a combination of $13.69 in cash and 0.1819 ordinary share of the new company for each share held.

International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. Shares of IGT remained unchanged at $15.50. In the past year, the shares have traded as low as $12.14 and as high as $21.20. On average, 6654640 shares of IGT exchange hands on a given day and today's volume is recorded at 5606870.