IGT has confirmed it has officially completed its previously announced acquisition of igaming content provider iSoftBet, in a deal worth approximately €160m in cash.
The global lottery and gaming firm initially announced the agreement in April when Vince Sadusky, making his first transaction as CEO, said the acquisition would “provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT’s PlayDigital operations”.
The deal is set to double the amount of content available on the WLA-member’s PlayDigital content library, up to around 225 proprietary games.
Additionally, IGT aims to provide a ‘world-class, proprietary game aggregation platform to distribute third-party games, and leading data-driven promotional and user-engagement tools’.
Oakvale Capital LLP acted as lead financial advisor to IGT. Wachtell, Lipton, Rosen & Katz served as legal advisor to IGT and KPMG LLP acted as tax and financial due diligence advisor to IGT.
M. Firon & Co. and Wiggin LLP served as legal advisor to iSoftBet, while BDO Israel acted as independent registered public accounting and tax firm of iSoftBet.
It’s the latest in a long line of business opportunities recently confirmed by IGT, with agreements penned with the Kansas Lottery, Manitoba Liquor and Lotteries Corporation (MLLC) and SuperBook Sports last month.