Italy GTECH agrees to buy U.S. IGT for $4.7 bln

MILAN, July 16 Wed Jul 16, 2014 1:49am EDT

MILAN, July 16 (Reuters) - Italy's GTECH said on Wednesday it had agreed to buy Las Vegas-based slot machine maker International Game Technology for $4.7 billion in a cash and stock deal that is one of this year's biggest United States acquisitions by an Italian firm.

GTECH, the world largest operator of lotteries, said the aggregate transaction value was around $6.4 billion, inclusive of $1.75 billion in existing IGT net debt.

"The agreement drives scale across all businesses, geographies and product lines, and is expected to achieve more than $280 million in synergies by the third year following closing of the transaction," the Italian company said in a statement. (Reporting by Francesca Landini; Editing by Clarence Fernandez)

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