Apollo Advances in IGT Gaming Acquisition
Deal News | Nov 22, 2024 | EIN
The acquisition deal between Apollo Global Management and IGT's Gaming & Digital business, along with Everi Holdings Inc, has moved closer to finalization as the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) expired on November 20. The expiration is a significant step toward completing the transaction, which was initially announced in July as a $6.3 billion deal. Key aspects of this acquisition include Everi stockholders receiving $14.25 per share in cash and the transaction expected to finalize by the end of Q3 2025, subject to further regulatory approvals. IGT's majority owner, De Agostini S.p.A, will maintain a minority equity role in the new entity, once privately held.
Sectors
- Gaming
- Private Equity
- Mergers and Acquisitions
Geography
- United States – The transaction involves companies operating within the U.S., and the regulatory updates pertain to U.S. antitrust laws, specifically the Hart-Scott-Rodino Act.
Industry
- Gaming – The article discusses the acquisition of key gaming companies, IGT Gaming & Digital and Everi, indicating that this is a core industry involved.
- Private Equity – Apollo Global Management, a major private equity firm, is orchestrating the acquisition, highlighting activity within the private equity sector.
- Mergers and Acquisitions – The article prominently covers an acquisition deal, illustrating the significance of the M&A industry in this context.
Financials
- $6.3 billion – The total value of the acquisition deal for IGT Gaming & Digital and Everi by Apollo Global Management.
- $14.25 per share – Cash offer to Everi stockholders, representing a 56% premium over the share price on July 25.
- $4.05 billion – Gross cash proceeds IGT will receive from the acquisition deal.
- 56% – Premium over Everi's share price offered in the acquisition deal.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo Global Management | Bidding Company | Company | A leading global alternative investment manager orchestrating the acquisition of IGT Gaming & Digital and Everi. |
| IGT Gaming & Digital | Target company | Company | A company comprising gaming segments that is part of the acquisition by Apollo Global Management. |
| Everi Holdings Inc | Target company | Company | A gaming technology solutions provider involved in the acquisition by Apollo Global Management. |
| De Agostini S.p.A | Other Company | Company | Majority shareholder of IGT and a minority investor in the new combined gaming enterprise. |