IGT signs agreement to sell the Barcrest Group to Scientific Games Corporation

IGT may also receive an additional US$ 3 million in cash subject to certain post-closing adjustments. In total, including a receivables collection arrangement, the enterprise value of the transaction could reach approximately US$ 66 million. This transaction is expected to close during the second half of IGT's fiscal year 2011.

"Barcrest has a 40-year history of developing extremely innovative gaming products and content for the United Kingdom and markets in other European countries. We believe the combination of their exceptional games with Global Draw's and Games Media's state-of-the-art delivery network offers the best of both worlds to our customers, Barcrest's existing customers, and the end consumer alike," said Lorne Weil, Chairman and CEO of Scientific Games.

"This transaction is a true win for all, that allows Scientific Games and Barcrest to leverage comparable synergies, while allowing IGT to have greater focus on our other lines of business," said Patti Hart, President and CEO of IGT."Scientific Games is an ideal new home for Barcrest and provides a strategic alignment between both companies' core objectives. This agreement is a responsible decision that benefits each group's customers and employees, while also serving the interests of our shareholders."

This transaction is subject to UK competition approvals and certain other usual and customary closing conditions.