International Game Tech (IGT) Enters IP Cross-Licensing Agreement with Aristocrat

October 3, 2016 6:47 AM EDT

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International Game Technology PLC (NYSE: IGT) announced that it has reached a comprehensive cross-licensing agreement with Aristocrat Leisure Limited covering intellectual property involving game features and system patents. Terms of the agreement have not been announced. IGT also announced that the parties have agreed to settle all outstanding litigation between them.

"IGT's R&D investment and patent portfolio are the largest in the gaming industry. We are pleased to have reached this agreement with Aristocrat as we build upon our leadership in gaming innovation," said Renato Ascoli, IGT Chief Executive Officer North America Gaming & Interactive (DoubleDown Casino). "This agreement demonstrates both companies' shared commitment to investing in and preserving the value of intellectual property."

"Turning ideas into value-adding innovation is core to Aristocrat's mission to 'create the world's greatest gaming experience every day'. Our agreement with IGT will contribute toward this, and we are pleased to have finalized these arrangements," said Toni Korsanos, Aristocrat Chief Financial Officer & Company Secretary.

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