Everi Stockholders Approve Apollo Global Acquisition
Deal News | Nov 15, 2024 | EIN
In a pivotal decision, Everi stockholders voted nearly unanimously to approve the acquisition by Apollo Global Management. This vote, representing approximately 71.48% of Everi's outstanding shares, is a critical step towards the transaction's completion, expected by Q3 2025. Under the terms, stockholders will receive $14.25 per share. The acquisition is part of a broader strategy involving the merger of Everi with the gaming business of International Game Technology (IGT), valued collectively at $6.3 billion. This will involve a strategic divestment by IGT, which is poised to become a lottery-only operation post-merger. Despite promising future prospects from this merger, Everi's latest Q3 results reflected financial challenges, including a net loss of $836,000 and a decline in gaming revenue.
Sectors
- Private Equity
- Gaming
- Financial Technology (Fintech)
- Lottery
Geography
- United States – Everi is based in the United States, and the transaction involves US financial and gaming industries.
Industry
- Private Equity – Apollo Global Management is acquiring Everi, reflecting significant private equity activity in mergers and acquisitions.
- Gaming – Everi and IGT are major players in the gaming industry sector; the merger involves IGT's gaming division.
- Financial Technology (Fintech) – Everi generates substantial revenue from its fintech operations, particularly in kiosk and loyalty solutions.
- Lottery – Post-transaction, IGT plans to focus exclusively on lottery operations, transitioning away from gaming.
Financials
- $14.25 per share – Cash payment to Everi's stockholders for each share they own under the acquisition terms.
- $6.3 billion – Total value of the transaction involving Everi and IGT's gaming business.
- $187.9 million – Everi's Q3 revenue, reflecting a 9.1% year-over-year decline.
- $836,000 – Net loss reported by Everi in Q3 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Everi Holdings | Target Company | Company | A company working in the gaming and fintech sectors, currently being acquired by Apollo Global. |
| Apollo Global Management | Bidding Company | Company | A well-known private equity firm acquiring Everi and merging it with IGT's gaming business. |
| International Game Technology (IGT) | Other Company - Collaborative Merger Entity | Company | A company divesting its gaming business as part of Apollo's acquisition strategy. |
| Michael Rumbolz | Everi Board Chairman | Person | Chairman who oversees Everi's transition in the acquisition process. |