The acquisition of IGT and Everi by Apollo Global Management has gained approval from the Nevada Gaming Commission. This $6.3 billion deal will officially close on Tuesday, merging IGT’s gaming and digital business with Everi under Apollo’s ownership. This creates a new powerhouse in the gaming industry.
IGT and Everi Acquisition in Strategic Focus
The newly combined enterprise may explore an IPO in the next few years. Brin Gibson, legal counsel for Apollo’s subsidiary Voyager Voteco LLC, describes the transaction as straightforward. Apollo plans to acquire IGT’s gaming and digital businesses first, then Everi Holdings. Control will remain with Apollo partners.
Leadership and Future Prospects
Nicholas Khin of IGT will serve as interim CEO during this transition. Hector Fernandez, previously with Aristocrat, will join as CEO after his non-compete term ends. Daniel Cohen of Apollo emphasized the firm’s two-decade history investing in gaming. With 11,000 employees in Nevada alone, the company’s investments include established venues like the Venetian Expo, which sets a promising course for future growth.
Sustaining Long-term Growth
Cohen highlighted Apollo’s strategy of private ownership to create value away from stock market pressures. With divisions in digital, gaming, and fintech, the new IGT aims to elevate its position as a leading gaming tech-platform company. The goal is to merge two strong entities to achieve world-class stature in gaming systems, fintech, and payments.
Cited investments include a mix of debt and equity, primarily funded by existing Apollo-managed funds and longtime partners like the De Agostini family. The transaction promises $2.6 billion in revenue with the combined company.
In summary, the IGT and Everi acquisition marks a strategic advance by Apollo to build a sustainable, unified gaming leader focused on maximizing long-term value.
