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TagResults 1 - 10 of 17 for acquisition. (0.00 seconds)

GTECH takes half ownership of Chinese lottery firm
Providence, R.I.-based lottery technology company GTECH Global Services Corp., a wholly-owned subsidiary of Italy's Lottomatica S.p.A., has spent $20 million to acquire 50 percent of Tabcorp International Hong Kong Ltd. (TIHK), a Chinese lottery provider. That 50-percent portion of Tabcorp is being spun into a separate entity and renamed CLS-GTECH Co. Ltd. The new entity is being formed to expand a nationwide KENO system for lotteries throughout China, according to company officials. Tab ...
Dec 21, 2007, 1:56 pm - Lottery News forum

Opinion: Calif. Lottery should not rubber-stamp GTECH deal
As part of a major deal with 24 states, including California, an Italian company has purchased the United States firm that runs lotto and other online games for those states. The merger, where Lottomatica acquired GTECH, was finalized in August and expected to be completed by year's end. The agreement surprised and stunned state lawmakers. Not even the attorney general's office, which is supposed to defend the state lotto, was aware of it. The deal was orchestrated by the state lottery's act ...
Dec 11, 2006, 11:25 am - Lottery News forum

Backlash in Calif. over sale of lottery operator GTECH
As the new 2007-08 Legislature convened Monday, the backlash over an Italian firm's quiet takeover of California's lotto contractor grew when a second legislative committee said it would investigate. Assemblyman Alberto Torrico, a Newark Democrat who chairs the government organization committee in the lower house, said his panel is probing the matter and may convene hearings. I'm taking a look at the situation. I've read the press report. I've been briefed by my staff, said Torrico, whos ...
Dec 6, 2006, 9:57 am - Lottery News forum

Texas Lottery makes contingency plans for takeover
The Texas Lottery Commission began laying the groundwork Wednesday to take over the $95 million-a-year operation historically carried out by a private corporation in the event that the state is no longer satisfied with its work. Officials made clear that the prospect of the lottery severing its 14-year relationship with Rhode Island-based Gtech Corp. was highly remote. But they also expressed deep concerns over recent reports that the gaming giant, which is soon to be sold to the Italian f ...
Aug 18, 2006, 3:15 pm - Lottery News forum

Texas Lottery chairman OK with GTECH sale
The Texas Lottery Commission questioned the chief executive of lottery operator GTECH Corp. for more than three hours on Wednesday about accusations it used unsavory tactics to win or keep business in several countries, but the panel's chairman said he saw nothing unsuitable in the company's sale to an Italian firm. Investors feared a highly critical Texas Department of Public Safety report delivered to the commission last month could hinder GTECH's sale to Italian lottery operator Lottomatic ...
Aug 18, 2006, 2:15 pm - Lottery News forum

Florida lottery backs GTECH-Lottomatica deal
The Florida lottery has agreed to the planned takeover of U.S. lottery operator GTECH Holdings Corp by Italy's Lottomatica, Lottomatica said on Wednesday. Lottomatica plans to buy GTECH in a $5 billion deal that would create the world's biggest lottery operator. One of the deal conditions laid down by Lottomatica is that it would not lose GTECH's lottery operating concessions in the United States. Lottomatica said in a statement that GTECH had been informed of Florida's backing for the dea ...
Aug 16, 2006, 12:18 pm - Lottery News forum

Ohio Lottery backs GTECH, Lottomatica deal
The Ohio lottery has confirmed that the planned takeover of U.S. lottery operator GTECH by Italy's Lottomatica would not hurt GTECH's lottery concession there, Lottomatica said on Thursday. Lottomatica plans to buy GTECH in a $5 billion deal that would create the world's biggest lottery operator, but one of the deal conditions laid down by Lottomatica is that it would not lose GTECH's lottery operating concessions in the United States. Illinois, New York, Missouri, California, Michigan and ...
Aug 11, 2006, 5:57 pm - Lottery News forum

Brazil lottery cancels GTECH contract over Lottomatica acquisition
GTECH Holdings Corp., which has agreed to be bought by Italy's Lottomatica, said on Tuesday that its contract to provide lottery services to its largest customer, Brazil, will not be renewed. The contract will expire on Aug. 13, the company said in a filing with the U.S. Securities and Exchange Commission. Its subsidiary, GTECH Brasil Ltda, has provided lottery services to the operator of Brazil's national lottery, Caixa Economica Federal, since 1997. Revenue from the contract accounted ...
Aug 9, 2006, 9:39 am - Lottery News forum

Michigan lottery backs GTECH, Lottomatica deal
The Michigan lottery has confirmed that the planned takeover of U.S. lottery operator GTECH by Lottomatica will not hurt its lottery concession in the state, the Italian company said in a statement on Thursday. Lottomatica plans to buy GTECH in a $5 billion deal that would create the world's biggest lottery operator. One of the conditions for the deal is that it will not have an impact on GTECH's lottery operating concessions in the United States. This has caused some hiccups for the two c ...
Aug 2, 2006, 9:11 am - Lottery News forum

GTECH sale closer as more states approve
The sale of West Greenwich-based GTECH Holdings Corp. to Italian lottery giant Lottomatica SpA this week inched toward completion. Lottomatica said that the state lotteries would continue existing contracts with GTECH, which it plans to buy in a $5 billion deal that would create the world's biggest lottery operator. Lottomatica had asked various U.S. states to confirm that the deal would not hurt existing lottery concessions when it launched the takeover earlier this year. Most states ...
Jul 28, 2006, 9:48 am - Lottery News forum

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