NGCB unanimously approves Apollo acquisition of IGT and Everi
IGT and Everi are set to become privately owned companies of Apollo Global Management, operating as elements of a single enterprise.
Key Points
- Final regulatory approval is expected to be considered by the NGC on June 26, the same date in which the PGCB is also anticipated to grant its approval
- The deal is expected to be finalized on July 1, with Apollo backing the transaction by providing up to $20bn in committed funds
The Nevada Gaming Control Board (NGCB) has unanimously approved the $6.3bn acquisition of International Game Technology (IGT) and Everi Holdings by Apollo Global Management, which is expected to close on July 1, 2025.
Apollo officials stated final approval from the Nevada Gaming Commission (NGC) should be granted on June 26, as well as authorization from the Pennsylvania Gaming Control Board (PGCB).
IGT and Everi are set to become privately owned companies of Apollo Global Management, operating as elements of a single enterprise but still under the IGT name once the deal closes.
Current IGT President of Global Gaming Nick Khin will become interim CEO of the new company prior to Hector Fernandez completing a non-compete agreement with Aristocrat Gaming during the fourth quarter, with Khin then once again set to lead IGT’s global gaming division.
Everi Holdings’ stockholders will reportedly obtain $14.25 per share in cash through the transaction, bringing the total value of the organization to around $2.25bn, while IGT will receive $4.05bn for its Gaming and Digital business company sectors.
Good to know: Nevada Governor Joe Lombardo announced Gaming Arts CEO Mike Dreitzer will assume the role of Chairman for the Nevada Gaming Control Board on April 22
The NGCB also recommended approval for an order to terminate IGT’s registration as a publicly traded company.
NGCB Chairman Kirk Hendrick, who will officially resign from the role on June 23, stated the acquisition was “much easier” for regulators to complete due to the familiarity with each company.
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