IGT board in strategy review

The board of directors at IGT has announced it is reviewing potential strategic alternatives for the company’s Global Gaming and PlayDigital segments.

It stressed that no course of action has been decided upon, but that it is considering a wide range of possibilities including, but not limited to: a sale, merger, spin-off, or simply further investing in the businesses.

Deutsche Bank, Macquarie Capital and Mediobanca are acting as financial advisors, and Sidley Austin and White & Case are serving as legal counsel throughout the review.

“Over the last three years, IGT has sharpened its strategic focus by reorganising around core product verticals, monetising non-core assets, reducing structural costs and significantly improving its credit profile,” said Marco Sala, IGT’s 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,” added IGT CEO Vince Sadusky. “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.”