Everi and IGT Gaming & Digital acquired by Apollo for $6.3bn

International Game Technology (IGT) and Everi Holdings have announced the finalization of sale proceedings and are set to be acquired by Apollo Global Management in an all-cash deal, valued on a combined basis at $6.3bn.  

Following the closure of this newly brokered arrangement, both IGT Gaming and Everi will proceed as privately owned companies, following the increasingly common trend of gaming organizations following the private route.  

Everi Holdings’ stockholders are set to obtain $14.25 per share in cash, bringing the total value of the organization to around $2.25bn. IGT, on the other hand, is set to receive $4.05bn for its Gaming and Digital business company sectors. 

Subsequently, all prior transaction arrangements between the two named companies have been terminated with immediate effect. Further, IGT states that the proceedings of the deal will primarily be utilized to pay off any outstanding debts, as well as being returned to shareholders.  

In February, IGT announced that it would spin off its Global Gaming and Play Digital businesses, subsequently combining them with Everi – leaving just its lottery department, which is set to continue operations under IGT management.  

Vince Sadusky, IGT CEO, said, “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. After the closing of this transaction, IGT’s shareholders will continue to own one hundred percent of IGT’s Global Lottery business, which will be positioned for long-term success as a pure-play global lottery player with a more focused, compelling business model and optimized capital structure to drive long-term shareholder value.” 

Randy Taylor, Everi President and CEO, added, “We believe this transaction maintains the integrity and strong strategic rationale of our original agreement with IGT, but now also provides significant and certain value to our stockholders as we move forward with the Apollo Funds as our partner. 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.”

Will Underwood

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