International Game Technology PLC and Everi Holdings Inc., two prominent players in the gaming industry, have been acquired by a new holding company under Apollo Global Management, Inc. This all-cash transaction, valued at about $6.3 billion, brings both businesses under the umbrella of Apollo’s managed funds in a move that significantly reshapes the gaming landscape.
Details of the transaction:
The definitive agreements announced on February 29, 2024, detail that IGT will first spin off its Gaming & Digital business to its shareholders in a taxable manner and then merge it with Everi. The combined operations of IGT Gaming and Everi will then be acquired by the Apollo Funds, transitioning into privately held entities within a unified corporate structure.
Under the terms of the deal, Everi stockholders are set to receive $14.25 per share in cash—a 56% premium on its closing price as of July 25, 2024. IGT will receive $4.05 billion in gross cash proceeds from the sale of IGT Gaming, with plans to use a substantial portion of these funds to reduce its debt and return value to its shareholders.
According to Market Watch, De Agostini S.p.A., the majority shareholder of IGT based in Italy, has committed to a minority equity investment in the newly formed combined entity. Following the completion of this transaction, IGT will rebrand and focus exclusively on its Global Lottery business, positioning itself as a leading pure-play lottery entity.
The acquisition has received unanimous approval from both the special committee of the IGT Board of Directors and the Everi Board of Directors. Previous agreements related to a potential merger between IGT and Everi, established earlier in February 2024, have been terminated in favor of this new arrangement.
Leadership and future outlook:
IGT’s CEO, Vince Sadusky, expressed enthusiasm about the acquisition, highlighting it as a progression of IGT’s strategic initiatives and a testament to the Apollo Funds’ recognition of IGT Gaming’s industry stature and potential. “This transaction allows IGT Gaming to further invest in its core segments and expand its offerings, ensuring long-term success for our Global Lottery business,” Sadusky remarked, per IGT news.
Everi’s President and CEO, Randy Taylor, also supported the transaction, emphasizing the assured value it brings to shareholders and the potential for enhanced market leadership through the integration of IGT Gaming and Everi.
Daniel Cohen, a Partner at Apollo, commented on the strategic significance of the acquisition in Apollo Global’s press release: “We are thrilled to bring together these two industry leaders. This combination not only underscores our commitment to the gaming and leisure sector but also enhances our capabilities to capitalize on growth opportunities.”
The acquisition, subject to standard closing conditions and regulatory approvals, is anticipated to be finalized by the end of the third quarter of 2025. As the gaming industry watches this major move, the involved companies prepare for a transition that promises to reshape their operations and strategic directions significantly.
Play games casino online games refers to participating in casino-style games through an online platform. In essence, it combines the excitement of traditional casino games, like slots, blackjack, poker, and roulette, with the convenience of playing them online.
When you play games casino online, you can enjoy:
-
Variety of Games: Many online casinos offer a huge range of games, from popular slots to live dealer games, replicating the casino experience at home or on mobile.
-
Accessibility: Online casinos allow you to play anytime and anywhere, making it easy to enjoy your favorite games without traveling to a physical location.
-
Bonuses and Promotions: Online casinos often offer promotions, welcome bonuses, and rewards, enhancing your experience and providing extra funds to play with.
-
Real Money or Free Play: Most platforms offer options to play for real money or for fun, giving players the flexibility to test games before committing financially.
Online casino games bring the thrills and potential rewards of a real casino experience to your screen, with the added security, convenience, and bonuses that online platforms provide.
