West Greenwich-based GTECH Holdings Corp. recently announced that it has completed the previously announced acquisition of Ohio-based Interlott Technologies Inc., a leading
provider of instant ticket vending machines (ITVMs) for the lottery industry
worldwide. The acquisition was approved at a special meeting of Interlott
shareholders on Sept. 17. The common stock of Interlott
ceased trading Sept. 18, and will no longer be listed on the
American Stock Exchange.
GTECH President and CEO W. Bruce Turner said, “By combining GTECH’s online
technology expertise and Interlott’s proven and industry-leading ITVM
technology, we are able to deliver not only new lottery products for
consumers, but also new capabilities and services for retailers and lottery
customers. Online automation will also make it possible for GTECH customers
to combine management reporting of both online and instant-ticket-vending
activity.”
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Interlott had approximately 6.5 million shares of common stock outstanding, giving the
deal a value of about $58.5 million.
“The online ITVM concept is part of a larger trend toward self-service in
retail,” continued Turner. “Consumers have demonstrated a preference for
self-service, and retailers have employed self-service strategies to increase
sales without having to increase staffing requirements. GTECH has several
initiatives underway to bring the self-service functionality to the lottery
market. The Interlott acquisition will enhance and accelerate those efforts.”
Interlott shareholders were given the opportunity to elect to receive
either $9 in cash or a number of GTECH shares having a value of $9, or a
combination of both, subject to adjustment so that the aggregate consideration
paid by GTECH is 51.5 percent in GTECH stock and 48.5 percent in cash. The
final exchange ratio of 0.2156 shares of GTECH common stock for every share of
Interlott common stock was determined based on the average closing price of
$41.74 for GTECH’s common stock, for the 20-trading-day period commencing
Aug. 14 through Sept. 11. Interlott had approximately 6.5
million shares of common stock outstanding, excluding stock options, at
closing.
GTECH, a leading global information technology company with $1 billion in
revenues and 4,600 people in 43 countries, provides software, networks, and
professional services that power high-performance, transaction processing
solutions. The company’s core market is the lottery industry, with a growing
presence in financial services transaction processing.
