Everi Stockholders Approve Acquisition by Apollo Global Affiliates
Deal News | Nov 15, 2024 | EIN
Everi Holdings' stockholders have overwhelmingly approved an acquisition deal by Apollo Global Management affiliates, which also includes IGT's Gaming & Digital business. This acquisition is the culmination of a merger agreement that began in July 2024 between the two gaming companies and a newly formed holding company under Apollo Global Management. At a special meeting, 99.88% of voting shares supported the merger, covering about 71.48% of Everi's total outstanding shares. As per the merger terms, stockholders will receive $14.25 per share in cash. The transaction is expected to close by Q3 2025, pending fulfillment of certain conditions. Daniel Cohen of Apollo expressed enthusiasm for establishing a robust, diversified solutions provider within the gaming sector, aligning with Apollo's strategic objectives to capitalize on future growth opportunities under private ownership.
Sectors
- Gaming and Digital Entertainment
- Private Equity
Geography
- United States – Both Everi Holdings and Apollo Global Management are based in the United States, making it a central geography for the transaction.
Industry
- Gaming and Digital Entertainment – The article focuses on the acquisition of gaming-related businesses, namely Everi and IGT's Gaming & Digital business, by Apollo Global.
- Private Equity – Apollo Global Management, a private equity firm, is spearheading the acquisition of Everi and IGT's digital business, illustrating typical investment strategies in the PE domain.
Financials
- $14.25 per share – The cash amount to be paid per share to Everi stockholders as part of the merger agreement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Everi Holdings | Target Company | Company | Everi Holdings is a provider of casino gaming content and products, which is being acquired by Apollo Global affiliates. |
| Apollo Global Management | Bidding Company | Company | A leading global private equity firm acquiring Everi and IGT's gaming business through funds managed by its affiliates. |
| IGT Gaming & Digital | Target Company | Company | IGT's Gaming & Digital business unit, which is part of the acquisition deal by Apollo Global. |
| Michael Rumbolz | Chair of the Board of Directors | Person | Chair of Everi's Board, commenting on the stockholders' approval of the transaction. |
| Daniel Cohen | Partner | Person | Partner at Apollo Global Management who expressed enthusiasm about the acquisition deal. |