International Game Technology (IGT), the global gaming industry leader that offers entertainment and responsible gaming experiences, announced Monday that it agreed to acquire the leading iGaming content provider and third-party game aggregator, iSoftBet.
IGT revealed that it has entered into a definitive agreement to acquire iSoftBet in a deal with a price tag of €160 million. The collaboration will see IGT significantly expand its content portfolio.
Currently, IGT offers leading data-driven promotional and user engagement tools as well as third-party games and a proprietary aggregation platform. The new deal will see IGT double its content library reaching 225 game titles. It's important to mention that the acquisition is expected to be completed during the second quarter of 2022.
Upon revealing its plans to acquire iSoftBet, IGT said that the leading M&A and strategic advisory boutique, Oakvale Capital LLP, acted as a lead financial advisor. On the other hand, KPMG LLP is currently acting as a tax and financial due diligence advisor to IGT, while Wachtell, Lipton, Rosen & Katz is helping the company as legal advisor for the deal.
iSoftBet is using the services of M. Firon & Co. and Wiggin LLP as legal advisors, while BDO Israel is helping the company as an independent registered public accounting and tax firm.
In a recent press release, IGT's CEO, Vince Sadusky, said: "The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT's PlayDigital operations."
Moreover, he added that the acquisition will help enhance PlayDigital's competitive capabilities by offering "a proven, complementary content portfolio across Europe and North America." In conclusion, Sadusky acknowledged that IGT offers the best-in-class games and technology for its customers.
Founded in 1974, IGT has more than 10,000 employees globally. The company currently operates in more than 100 countries around the world. Besides private iGaming companies, IGT has contracts with regulators and government agencies.
Last week, IGT announced that its Wheel of Fortune slots awarded two life-changing jackpots. One of the jackpots was won on the Wheel of Fortune Gold Spin Triple Gold slot game. The lucky visitor of the Bellagio Resort and Casino in Las Vegas, Nevada collected $1,480,416.
Additionally, the Wheel of Fortune Gold Spin Triple Red Hot 7s slot game paid a $1.3 million prize to a player at California Hotel and Casino in Las Vegas on March 28.
Back in March, IGT was awarded the World Lottery Association’s Security Control Standard: 2020 Level 2, one of the most prestigious security certifications within the lottery industry. To achieve the certification, the company had to comply with specific lottery-focused requirements set by the World Lottery Association.
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