Apollo Global Management is to acquire International Game Technology’s gaming & digital business and Everi Holdings in a $6.3bn value all-cash transaction that will take both companies private under a newly formed holding company.
Everi stockholders will receive $14.25 per share in cash, representing a 56% premium over the company’s closing share price on 25 July, 2024, while IGT will receive $4.05bn in gross cash proceeds from the sale of its gaming business, which is expected to be used for debt repayment and shareholder returns.
The acquisition will merge IGT Gaming and Everi, creating a combined enterprise under private ownership, above that Apollo anticipates will enhance investment in technology and innovation, and position the new entity as a comprehensive provider of gaming solutions.
Post-closing, IGT’s CEO Vince Sadusky will lead IGT’s lottery-focused operations under a new name and stock ticker symbol. The combined enterprise will see Fabio Celadon, IGT’s EVP Strategy and Corporate Development, as CFO, and Mark Labay, Everi’s current CFO, as Chief Integration Officer. The headquarters will be in Las Vegas.
The transaction, unanimously approved by both IGT and Everi’s Boards of Directors, is expected to close by the end of the third quarter of 2025, pending customary closing conditions, regulatory approvals, and approval by Everi stockholders. IGT shareholder approval is not required.
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De Agostini, the current majority shareholder of IGT, will make a minority equity investment in the combined enterprise at closing.
