International Game Technology PLC (IGT) and Everi Holdings Inc. (Everi) have announced that their businesses will be simultaneously acquired by funds managed by affiliates of Apollo Global Management, Inc. (Apollo) in an all-cash transaction valued at approximately $6.3 billion.
The deal will see IGT’s Gaming & Digital business (IGT Gaming) and Everi come together under private ownership as part of a combined enterprise.
Everi stockholders will receive $14.25 per share in cash, representing a significant 56 percent premium over Everi’s closing share price on July 25, 2024. Meanwhile, IGT will receive $4.05 billion in gross cash proceeds from the sale of IGT Gaming.
“Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year”, said Vince Sadusky, IGT PLC CEO. “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.”
Everi President and CEO Randy Taylor added that “by joining forces with IGT Gaming’ the company expected to continue being a “stronger player in the global gaming, FinTech, and digital industry.”
After the transaction closes, IGT will transition to a pure-play lottery business, changing its name and stock ticker symbol.
The combined IGT Gaming and Everi enterprise will be headquartered in Las Vegas and led by a management team that includes Fabio Celadon as CFO and Mark Labay as Chief Integration Officer.
The acquisitions are subject to regulatory approvals and Everi stockholder approval, with the deal expected to close by the end of the third quarter of 2025.
Macquarie Capital, Deutsche Bank, and Mediobanca are serving as financial advisors to IGT, while Global Leisure Partners LLC is the exclusive financial advisor to Everi.
“As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams”, said Daniel Cohen, Partner at Apollo.
“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.”
