International Game Technology Global Gaming Spin-off

On February 29, 2024, International Game Technology (IGT) announced that it will be spinning off its global gaming its lottery unit from its gaming business in a taxable transaction and then merging it with Everi Holdings Inc (EVRI). IGT shareholders will own 54% of the new company and EVRI shareholders will own 46% of the new company.

The transaction is expected to be completed by Q4 2024/Q1 2025. The remaining company will be focused on IGT’s Global Lottery business.

Both stocks have reacted well to the news. IGT was up 6% while EVRI was up 5%. I’m still digging into this transaction, but it looks interesting and potentially actionable ahead of the spin-off.