Following approval from the Maltese anti-trust authorities, International Game Technology (IGT) a leader in development and manufacturing of gaming machines and systems products, as well as online and mobile gaming solutions for regulated gaming markets, is now prepared to complete the acquisition of Swedish platform provider Entraction.
Last month IGT made a cash offer to the Entraction shareholders offering a buying price of SEK67.56 per share, valuing the company at approximately SEK700m.
IGT has maintained that the acquisition would facilitate the company’s strategy to enhance and grow its position within the interactive gaming space and expand its presence internationally. IGT believes the acquisition will enhance the company’s product offerings, adding online gaming products such as online poker, betting, casino and bingo software, as well as peripheral services which include website design, back-office and 24-hour end-user support.
In turn, Entraction would be provided access to the capital and resources to enhance its growth potential. IGT is currently regulated in over 350 jurisdictions and has approximately 4,900 employees.
IGT’s offer is conditional on the company acquiring over 90 per cent of the share capital of Entraction, with the acceptance period for the offer expiring later today at 17:00 CET. The transaction is expected to be settled on June 15th.