Not quite true.
Progressive went bankrupt. IGT just bought the leftover assets. They got the equipment, but not the rights, which were owned by others and licensed to Progressive and their partners. For example, they sold GPI the RFID rights.

Not sure if you are aware Bally Gaming bought Shufflemaster. I can't figure out how that happened as Bally were almost bankrupt themselves. Apparently it was announced as as a 'merger', but the old SG owner, Ralf, who is a friend of mine, told me it was not a financial merger, it was an outright cash purchase, but the services offered will be merged. The SM name change of a year prior, to SHFL, was a necessity of Ralf selling off his majority interest first.