GGB is committed to providing updated news and analysis on our weekly news site,

More Good News for IGT

More Good News for IGT

Leading slot manufacturer International Game Technology announced a major game order from Canada, and progress toward its acquisition of an online gaming company, in the latest of a series of positive announcements by the company.

The company announced an agreement with Loto-Quebec to provide 7,200 new video lottery terminals beginning next year. “We are exited about Loto-Quebec’s decision to award IGT this valuable business,” said Eric Tom, IGT’s chief operating officer. “Our commitment is being recognized by our partners in Canada and the rest of the world.”

The Quebec sale is one of several moves by IGT to branch out from its core casino markets. Another effort that got a boost last month is the company’s acquisition of Swedish online gaming operator Entraction. IGT announced that all conditions for the completion of its cash offer to acquire all shares of Entraction Holding AB have been fulfilled.

The offer has been accepted by shareholders representing 9,508,408 B shares and 144,660 A shares, corresponding to 93.2 percent of the shares and 80.3 percent of the votes, respectively, in Entraction. IGT previously received necessary approvals from the Maltese anti-trust and gaming authorities.

Settlement for shareholders who have already accepted the offer began last month. The acceptance period has been extended until June 23, which will allow shareholders who have not yet accepted the offer to tender their shares.

Based in Stockholm, Sweden, Entraction operates one of the world’s largest legal online poker networks, and has grown into one of the leading suppliers of online gaming products and services.

The latest good news came on the heels of a successful start to a plan by IGT to buy back up to $500 million in common shares, and announcement of a quarterly cash dividend of 6 cents per share, payable on July 8 to shareholders of record on June 20.

“The actions announced today reflect the confidence our management team and board of directors have in the company, and our commitment to returning value to our shareholders,” IGT Chairman Phil Satre said in a statement.