International Game Technology (IGT) has completed its acquisition of igaming content provider and third-party game aggregator iSoftBet in a cash deal worth approximately €160m (£137m/$164m).
Agreed in April, IGT said the purchase more than doubles the size of its IGT PlayDigital content library to approximately 225 games.
IGT also said that the acquisition will provide a proprietary game aggregation platform to distribute third-party games, and data-driven promotional and user-engagement tools.
“The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT’s PlayDigital operations,” IGT chief executive Vince Sadusky said at the time of the initial announcement in April.
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.
The deal comes after IGT in February signed a definitive agreement to sell its Italian proximity payment business to PostePay – Patrimonio Destinato for €700.0m.
The business offers services through a fully owned payment technology platform and a network of 54,000 points of sale, including bill payments and prepaid payment cards, telco and e-vouchers top up, and technological solutions such as merchant and enterprise services.