IGT and Everi to Be Acquired by Apollo Funds in $6.3 Billion Deal
International Game Technology PLC and Everi Holdings Inc. have announced definitive agreements under which their Gaming & Digital business units will be acquired by a new holding company managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction. This acquisition values the combined businesses at approximately $6.3 billion.
Details of the Acquisition
The transaction, set to close by the end of the third quarter of 2025, involves IGT separating its Gaming business through a taxable spin-off to its shareholders, subsequently combining it with Everi.
Following the acquisition by Apollo Funds, IGT Gaming and Everi will operate as privately owned companies within a single enterprise.
Everi stockholders will receive $14.25 per share in cash, a 56% premium over Everi’s closing share price on July 25, 2024. IGT will receive $4.05 billion in gross cash proceeds, which will be used primarily for debt repayment and shareholder returns.
De Agostini S.p.A., the majority shareholder of IGT, will make a minority equity investment in the new combined enterprise.
Post-transaction, IGT will rebrand and focus exclusively on its lottery business, emerging as a premier pure-play lottery company with a new name and stock ticker symbol.
Leadership and Governance
IGT PLC CEO Vince Sadusky will oversee the transition and continue to lead the lottery-focused company after the separation. Fabio Celadon, current EVP Strategy and Corporate Development at IGT, will serve as CFO of the combined enterprise, while Mark Labay, current CFO of Everi, will assume the role of Chief Integration Officer. The headquarters of the new entity will be in Las Vegas.
Vince Sadusky expressed confidence in the transaction, highlighting its strategic benefits and alignment with IGT’s long-term goals. “This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings,” Sadusky said.
Randy Taylor, President and CEO of Everi, emphasized the transaction’s value to shareholders and the potential for innovation and growth under Apollo’s ownership. “By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry,” Taylor noted.
Daniel Cohen, Partner at Apollo, praised the agreement as a strategic move that positions the combined enterprise for future growth. “We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value,” Cohen stated.
The acquisition is subject to regulatory approvals and approval by Everi stockholders. The shares of Everi will be delisted from the New York Stock Exchange upon closing.
The transaction has been unanimously approved by special committees of both companies’ boards of directors, marking a significant milestone in the gaming industry’s consolidation.
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