IGT and Everi Acquired by Apollo Global for $6.3 Billion

International Game Technology PLC (IGT) and Everi Holdings Inc. (Everi) have announced that funds managed by affiliates of Apollo Global Management, Inc. (Apollo) will acquire both companies in an all-cash transaction valued at approximately $6.3 billion.

This deal will bring IGT’s Gaming & Digital business (IGT Gaming) and Everi together under private ownership. Everi stockholders will receive $14.25 per share in cash, a 56 percent premium over Everi’s closing share price on July 25, 2024. IGT will receive $4.05 billion in gross cash proceeds from the sale of IGT Gaming.

IGT CEO Vince Sadusky stated, “Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year. 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.”

Everi President and CEO Randy Taylor added, “By joining forces with IGT Gaming, we expect to continue being a stronger player in the global gaming, FinTech, and digital industry.”

Post-transaction, IGT will transition to a pure-play lottery business, changing its name and stock ticker symbol. The combined IGT Gaming and Everi enterprise will be headquartered in Las Vegas, with Fabio Celadon as CFO and Mark Labay as Chief Integration Officer.

The acquisitions are subject to regulatory and Everi stockholder approval, with the deal expected to close by the end of Q3 2025.

Macquarie Capital, Deutsche Bank, and Mediobanca are financial advisors to IGT, while Global Leisure Partners LLC is the exclusive financial advisor to Everi.

Daniel Cohen, Partner at Apollo, remarked, “As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams. 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.”

Source: AGB