IGT buying Entraction for $115.3 Million?
May 7, 2011 | by saramma | posted in
newsIn an effort to position themselves for possible legalized US online gambling, International Game Technology (IGT) proposed a $115.3 million bid for the Swedish company Entraction Holdings AB. Most people in the gambling industry are familiar with IGT for their casino slots manufacturing. However, if this move were accepted by the Entraction shareholders, it would give IGT a big foot in the door for internet gambling too.
At this time, it looks like there is a solid chance that the shareholders will accept the deal since Entraction’s top employees are urging them to. And the lead shareholder, Henrik Kvick, is expected to go along with the acquisition, so we are merely awaiting an announcement at this point. Currently, Entraction shares are at $11.11, and they stand to go up considerably if the transaction does go through.
IGT Chief Executive Officer Patti Hart is extremely excited about the deal as she said, “The addition of Entraction advances IGT’s position in legalized interactive gaming markets.” She finished by stating, “It strengthens our interactive portfolio by adding poker, bingo, casino and sports betting.”
As alluded to by Hart, Entraction runs a very successful online gambling operation that includes all of the essentials such as poker and casino games. At this time, there are over 60 members sites of the Entraction network, which makes them one of the biggest internet gambling companies in the world. In total, there are well over 4 million registered Entraction players, and this has made their poker sector among the world’s top 15 biggest.
Seeing what all this company brings to the table, it’s no wonder why IGT is willing to spend $115 million to acquire it. And if the online gambling market does open up in the US, this will be hailed as a brilliant move.
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