Apollo Funds to Acquire IGT Gaming & Everi Holdings in Historic Deal

Apollo Funds, a newly formed holding subsidiary of Apollo Global Management, has set out to acquire International Game Technology’s IGT Gaming & Digital business and Everi Holdings in a historic arrangement. The transaction values the two companies at approximately $6.3 billion.

This deal comes after an earlier agreement between IGT and Everi that saw the former company agree to separate the IGT Gaming business by way of a taxable spin-off to IGT shareholders and then combine it with Everi. Under the new arrangement, however, Apollo Funds will acquire both IGT Gaming and Everi, making them privately owned companies, and terminating the earlier agreement.

As per the deal, Everi shareholders will receive $14.25 per share in cash. IGT, on the other hand, will receive $4.05 billion of gross cash proceeds from the sale of IGT Gaming.

IGT noted that this money will be used to repay outstanding debt and pay out dividends. Following the sale, it plans to change its name and stock ticker symbol and focus purely on lottery gaming. CEO Vince Sadusky will oversee the separation of IGT Gaming.

Under the arrangement, IGT’s executive vice president of strategy and corporate development, Fabio Celadon, will serve as CFO of the combined enterprise. Everi’s CFO, Mark Lubay, on the other hand will be named chief integration officer.

The new entity is set to be headquartered in Las Vegas.

Provided the deal secures all necessary approvals, it would close by the end of Q3 2025.

All Parties Are Looking Forward to the Closing of the Deal

IGT CEO Sadusky commented on the deal, saying that it represents a “positive evolution” in the previously announced transaction with Everi.

This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings.

Vince Sadusky, CEO, IGT

Randy Taylor, Everi’s president and chief executive officer, added that the transaction “maintains the integrity and strong strategic rationale” of the original agreement with IGT and also provides significant shareholder value.

By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry.

Randy Taylor, president & CEO, Everi Holdings

Taylor added that the private ownership will better position Everi to accelerate the integration of the two organizations.

Daniel Cohen, partner at Apollo, also weighed in, saying that his team is excited about the deal with IGT and Everi.

We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value.

Daniel Cohen, partner, Apollo

Cohen concluded that he is looking forward to working with IGT Gaming and Everi’s teams.