Shareholders in Italy’s GTECH approve takeover of IGT

ROME — Shareholders in GTECH on Tuesday approved the Italian lottery group’s takeover of U.S. slot-machine maker International Game Technology, a tie-up aimed at creating a global gaming company to be listed on Wall Street.

The new entity will have more than $6 billion in pro-forma revenues, GTECH said in July when it announced the $4.7 billion acquisition of the Las Vegas-based group.

GTECH and IGT will be combined into a newly formed holding company named Georgia Worldwide plc headquartered in Britain.

Shareholders representing in total 71.4 percent of the lottery company’s capital attended a meeting in Rome on Tuesday.

Only 3 percent of them did not vote in favor of the tie-up. These shareholders, as well as those who were not present, have 15 days after the proceedings of the meeting are filed to the companies’ registry in Rome to exercise their right of withdrawal.

The acquisition of IGT will not go ahead if shareholders representing more than 20 percent of GTECH’s capital exercise such right, which entitles them to sell their shares back to the company.

GTECH has said it will pay 19.174 euros each for any shares it has to buy back.

The new entity will be listed on the New York Stock Exchange, while both GTECH’s and IGT’s shares will be delisted from Milan’s and New York’s stock markets respectively.

The deal is expected to be completed by the second quarter of next year.