GTECH Corporation, a company base in Providence, Rhode Island, United States, became a wholly owned subsidiary of Lottomatica, S.p.A., on August 29, 2006. Lottomatica is the license holder for the Italian National Lottery; and the De Agostini Group, a privately held Italian holding company that is Lottomatica's majority shareholder. The merger of GTECH and Lottomatica included a cash transaction valued at approximately $4.7 billion on a fully diluted basis, including the assumption of debt. This transaction has created one of the world's leading gaming solutions providers, with significant global market share and the broadest portfolio of technology, services, and content solutions. GTECH manages many state lotteries in the United States and also has contracts to manage local and national lotteries in Europe, Australia, Latin America the Caribbean and Asia.