International Game Technology Wary On Long-Term Probability, Looks To Sell

Benzinga

According to Reuters, the slot machine maker International Game Technology (NYSE: IGT) has hired Morgan Stanley to explore a sale.

The article reports that International Game Technology has been working on a sale for longer than two months, attracting interest from other gaming companies and private firms. Reuters wrote, “IGT has decided to seek a buyer as the company's stock has lost 31 percent of its value due to slow fundamentals in the gaming market. Uncertainty around the declining value of the company could spoil some bidders' appetite for the gaming equipment maker, some people cautioned.”

Sources noted that a deal could take longer than a year to close due to “lengthy regulatory approvals” for gaming mergers.

Shares of International Game Technology jumped 18.625 percent following news of the sale. The stock closed at $14.31, up 14.3 percent from Friday.

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