IGT Expected To Confirm €160m Acquisition Of iSoftBet In June
Summary
- IGT has made a €160 million cash offer to acquire iSoftBet
- IGT will increase its gaming portfolio of over 225 games with the acquisition
- Acquisition is expected to be completed by end of June 2022
International Game Technology (IGT) PLC has been a small time player in the online casino market so far with its IGT PlayDigital casino suite. The UK based company is a big time player in the land based gaming industry but hasn’t made any significant inroads into the multi-billion dollar online gaming market.
That is about to change as IGT Plc. is looking to expand and strengthen its IGT PlayDigital casino suite with a potential acquisition of iSoftBet.
IGT confirmed that is had made a potential €160 million cash offer to acquire iSoftBet. The offer has been accepted by iSoftBet and will now be subjected to necessary regulatory approval. IGT investors have been notified of the potential acquisition which is expected to be completed with all the necessary approval by the end of June 2022.
This is a strategic acquisition by IGT who will now double its online gaming portfolio and have over 225 games on offer once the iSoftbet deal is completed. Apart from acquiring the iSoftBet gaming portfolio, IGT will also get access to the in-house proprietary developed platform that will allow it to distribute its third party games to different clients.
The acquisition will also allow IGT to take over iSoftBet’s promotional and user engagement platforms that are heavily data driven. Vince Sadusky, CEO for IGT said they were very happy with the iSoftBet acquisition as it would significantly strengthen the product offering of IGT PlayDigital on Europe and North America.
Sadusky said IGT will soon be able to offer promotional tools that are scalable, online casino games that are very popular in multiple markets and expert game aggregation tools and strong creative talent. IGT is set to absorb the 350 iSoftBet employees that work across 20 European markets.
IGT In A Strong Financial Position
The last time IGT completed a merger and acquisition was back in 2014 when it paid out £20 million to buy out Probability Inc., a mobile games supplier. IGT is in a strong financial position as it disclosed a net profit in 2021 of €950 million, which allowed the company to make a €160 million cash offer to acquire iSoftBet.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
