Apollo Completes Acquisition of IGT and Everi
Deal News | Jan 07, 2025 | EIN
Apollo has completed its $6.3 billion acquisition of IGT's gaming and digital division and Everi, forming a combined brand that will operate under the IGT name. The acquisition, initially announced in July 2024 and approved by Everi stockholders in November, involved IGT splitting its lottery and non-lottery operations. The non-lottery operations merged with Everi to form the new IGT, while lottery operations were rebranded as Brightstar Lottery. Interim CEO Nick Khin hailed the merger as a pivotal moment for the industry, emphasizing their enhanced capacity to lead in gaming through scale, talent, and technology. The completion of the acquisition reflects Apollo's strategy to build a competitive and agile platform for enduring growth, with IGT poised to deliver innovative content and capabilities worldwide. Hector Fernandez is set to become CEO of IGT later in the year, with support from Apollo partners.
Sectors
- Private Equity
- Gaming and Amusement
- Digital Technology
Geography
- United States – The involved companies, IGT and Everi, as well as Apollo, are based in the United States, suggesting significant geographic relevance.
- Global – The merger aims to serve customers globally with enhanced capabilities, indicating the operation's international reach.
Industry
- Private Equity – The article involves Apollo Global Management, a private equity firm, acquiring assets as part of a strategic investment.
- Gaming and Amusement – IGT and Everi operate in the gaming industry, providing gaming and digital solutions.
- Digital Technology – The acquisition involves digital gaming solutions and services, reflecting trends in digital transformation.
Financials
- 6.3 billion USD – The total value of the acquisition deal completed by Apollo.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo Global Management | Buyer | Company | A leading global alternative asset manager that conducted the acquisition. |
| IGT (International Game Technology) | Target Company | Company | A firm providing gaming and digital division solutions, restructured post-acquisition. |
| Everi Holdings Inc. | Target Company | Company | A company that delivers products and services to land-based and digital gaming industries. |
| Nick Khin | Interim CEO | People | Interim CEO of IGT, providing leadership commentary on the merger. |
| Hector Fernandez | Future CEO | People | Set to become CEO of IGT later in the year. |
| Daniel Cohen | Apollo Partner | People | Apollo Global Management partner contributing strategic insight on the transaction. |