After more than six months of strategic review, IGT has a path forward for its Global Gaming and PlayDigital divisions. And that path forward is a huge merger with financial services company Everi valued at $6.5 billion.

“As previously announced, IGT’s Board of Directors embarked on a review of strategic alternatives for our Global Gaming and PlayDigital businesses as a way to unlock the intrinsic value of our portfolio of industry-leading assets,” said Marco Sala, IGT Executive Chair of the Board. “The transaction announced today is a key milestone in that process. The transaction will combine two robust gaming platforms with complementary capabilities, geographic footprints, and enhanced growth opportunities. It also facilitates the separation of IGT’s Global Gaming and PlayDigital businesses from our Global Lottery business, resulting in a pure play global lottery business. After closing, IGT’s shareholders will continue to own one hundred percent of IGT’s Global Lottery business, which is positioned for long-term success, and will own a majority of a combined company that offers global gaming, digital and fintech.”

The idea is the two companies combining will create a “one-stop shop” for land-based and igaming companies offering options for every facet of the business.

“We are bringing together two businesses with complementary strengths that are stronger and more valuable together,” added IGT CEO Vince Sadusky. “The combination results in a comprehensive and diverse product offering, addressing more aspects of the gaming ecosystem across land-based gaming, iGaming, sports betting, and fintech. The creation of separate gaming and lottery companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”

“We believe this merger combines two highly complementary businesses in a transformational manner, creating a global, land-based and digital gaming, fintech and systems business. We expect the combined company will deliver a comprehensive range of products and services that will engage gaming patrons and drive efficiencies and revenues to our customers,” stated Michael Rumbolz, Everi Executive Chairman.

According to a presentation supplied by the companies, the merger would create two separate companies under the IGT name, Global Lottery and MegeCo. Global Lottery would remain a “pure play” lottery business, while MergeCo would handle the land-based and online casino sector.

If the deal receives necessary regulatory approvals, it is expected to close early next year.