International Game Technology, the Las Vegas-based slot machine maker, has hired Morgan Stanley to explore a sale as the gaming industry pursues consolidation to combat slow growth, people familiar with the matter said on Monday.
IGT, which has a market capitalization of more than $3 billion, has been working on a sale for more than two months and has attracted interest from other gaming companies as well as private equity firms, the people said.
News of the sale process sent the stock soaring more than 14 percent to about $15 in Monday afternoon trading, giving the company a market value of more than $3.5 billion.
The gaming technology company is hosting management presentations for prospective buyers at this time, said the people, who asked not to be named because the matter is not public. Representatives of IGT and Morgan Stanley declined to comment.