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HomeNewsUnited StatesMerger of IGT’s Digital business and Everi Holdings, under Apollo, completed

Merger of IGT’s Digital business and Everi Holdings, under Apollo, completed

The acquisition and merger of IGT’s Gaming & Digital Business and Everi Holdings, valued at approximately $6.3 billion, has been completed.

The all-cash transaction merges the two entities under a holding company owned by funds managed by Apollo Global Management.

According to a release by Apollo, the combines will be ‘integrated into a combined enterprise in the coming months,’ to be based in Las Vegas.

The combined enterprise ‘will operate under the IGT name, while retaining the Everi brand in select markets and product lines’.

IGT will now be organized into three different units: Gaming, Digital and FinTech.

Currently the transition will be led by IGT’s Interim CEO Nick Khin who noted of the merger that “This is a defining moment for our industry”.

“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,” furthered the executive.

In the fourth quarter of this year, Khin will be replaced by former Aristocrat Gaming CEO Hector Fernandez as the permanent CEO. Khin will then transition to the role of CEO of IGT’s Gaming business unit.

As of July 1st, Everi common stock has been delisted from the New York Stock Exchange. Ever stockholders are receiving $14.25 per share in cash due to the deal, with International Game Technology PLC receiving $4.05 billion of gross cash proceeds.

Brightstar Lottery

Following the completion of the deal, IGT – now doing business as Brightstar Lottery – indicated that it will remain listed on the New York Stock Exchange, trading under its new ticker symbol BRSL.

The group notes that the deal generated some $1.1. billion in capital return to shareholders, at $3 per share in special cash dividend and a $500 million share repurchase authorization, in addition to $2 billion in debt reduction concentrated in near-term maturities.

Speaking of the change, Vince Sadusky, CEO of Brightstar noted “Today marks an exciting new chapter for the Company, one that builds on a long legacy of delivering responsible, sustainable solutions through our products, services, technology, and insights”.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a print and broadcast journalist and editor. Based in Asia for over 20 years, he saw the birth of Macau's rampantly successful gaming industry, propelling him into the world of casinos. Now focusing on all markets throughout Asia, he embraces new technologies and trends, from sports betting to online gaming – always seeking the new frontier.

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