Apollo Global has finalized the acquisition of International Game Technology’s gaming and digital sectors and Everi Holdings, effectively bringing these entities into the private sector. This significant business move, valued at $6.3 billion, was approved by the Nevada Gaming Commission last week. We wrote about this deal on June 12.
Apollo Global’s Acquisition of IGT and Everi Shakes Up the Gaming Industry
IGT and Everi will soon merge into one company, headquartered in Las Vegas, and will continue to operate under the IGT banner. However, the Everi brand will be retained for specific markets and product lines. This integration aims to form a larger, more agile company that can offer enhanced services in the gaming industry.
IGT is set to divide its operations into three distinct units: Gaming, Digital, and FinTech. This reorganization supports a customer-centric culture that emphasizes innovation and talent. According to IGT’s Interim CEO, Nick Khin, this merger represents a pivotal development in the gaming sector, creating a company poised to lead both land-based and digital gaming experiences. Read more news
Future Prospects Post-Acquisition for Apollo Global
Hector Fernandez will take over as CEO of IGT in the fourth quarter, following a non-compete period with a previous employer. Until then, Khin will manage the company and later transition to leading the Gaming unit. This leadership change aims to steer the merged entity towards delivering innovative gaming and financial solutions.
Apollo’s partner, Daniel Cohen, remarked that combining complementary businesses enhances competitiveness and positions the enterprise for sustained growth. The goal is to provide superior content and capabilities globally.
As part of this acquisition, Everi’s stock is now delisted from the New York Stock Exchange. Shareholders will receive $14.25 per share in cash, while International Game Technology garners $4.05 billion in cash proceedings.
