International Game Technology (IGT) has completed its acquisition of UK-based iSoftBet, in a deal that has been valued at approximately €160m ($163.9m) in cash. The company said in a Tuesday press release, that the acquisition would “more than double” the content library of IGT PlayDigital, “to approximately 225 proprietary games”.
IGT has more than doubled the scope of its PlayDigital content library through the acquisition, bringing the total to around 225 games. These titles will be available to IGT’s partner base across the company’s licensed jurisdictions.
Additionally, IGT will now be able to distribute third-party games through a proprietary game aggregation platform, as well as data-based promotional devices and user engagement tools.
IGT announced its intention to acquire iSoftBet in April 2022, citing plans to expand the company’s in-house casino games and solutions capabilities.
IGT completes acquisition of iSoftBet in a $163 Million Deal
With over 400 titles in its portfolio, including Rise of the Genie and Wolf Canyon Hold & Win, iSoftBet is a casino software solutions provider that offers technology solutions, management tools and ePayment system integration.
Oakvale Capital LLP acted as the lead financial advisor to IGT for the acquisition, with Wachtell, Lipton, Rosen & Katz Acting as legal advisor and KPMG LLP acting as due diligence advisor.
Firon & Co. and Wiggin LLP acted as legal advisors to iSoftBet, with BDO Israel serving as independent registered public accounting and tax firm.
In May 2022, IGT published its Q1 2022 financial results, recording a 4% YOY rise in revenue to $1.1bn. The company recorded higher product sales for the period, which can be used to explain the increase in revenue.
The company’s net debt position stood at just above US$5.83-billion as at March 31, down from US$7.07-billion a year earlier. It was down from the US$5.92-billion net debt recorded at the end of December.
The company also reported an operating income of $252m and an income margin of 24%, exceeding outlook by 200 basis points.