Apollo Completes $6.3B Acquisition of IGT Gaming & Digital and Everi

Global alternative asset manager Apollo announced that it has completed its planned acquisition of International Game Technology’s Gaming & Digital Business and Everi Holdings. The newly formed entity will retain the IGT name but will operate as Everi in select markets and for certain product lines.

The Acquisition Was Completed as Planned

The historic deal saw Apollo put forward roughly $6.3 billion, which allowed it to combine complementary businesses to form what it hopes will be a global leader in gaming, digital and financial technology.

Following the completion of the arrangement, Everi’s common stock was delisted from the New York Stock Exchange. Its shareholders, in turn, received $14.25 per share in cash. International Game Technology PLC, on the other hand, received $4.05 billion in gross cash proceeds.

As mentioned, Apollo will combine IGT’s Gaming & Digital Business division and Everi Holdings into a single entity. The resulting company will be headquartered in Las Vegas, thanks to recent regulatory approvals. The new IGT will be organized into three business units, namely Gaming, Digital and FinTech.

Apollo’s IGT will be headed by Hector Fernandez, who will assume the role of chief executive officer. He is set to step into the office in Q4, replacing interim CEO Nick Khin.

IGT Is Poised for Success

IGT CEO Khin commented on the completion of the transaction, calling it a “defining moment” for the global gaming industry. He said that pairing two of the best gaming organizations would usher in a company with the scale, team and tech to redefine the future of gaming.

With Apollo’s support, we are very well-positioned to deliver exceptional content across land-based and digital experiences, along with integrated financial solutions and casino management that enhance the player journey and drive value for our customers. I’m honored to be part of this exciting chapter and to help shape the future of IGT.

Nick Khin, interim CEO, IGT

Apollo partner Daniel Cohen was likewise pleased with the agreement, echoing Khin’s optimism. He agreed that combining the two businesses would set them up for future success.

Cohen said: “We are confident that IGT is well-positioned to deliver differentiated content and capabilities that better serve customers across the globe. We look forward to working closely with Hector, Nick and the rest of the talented IGT team to lead the industry forward.”