Fernandez to Lead New Gaming Entity
Deal News | Dec 05, 2024 | Apollo
Apollo Global Management, a leading global asset manager, has announced that Hector Fernandez will lead the newly formed entity that combines IGT's Gaming & Digital Business with Everi Holdings as CEO. The new entity will be structured into three business divisions: Gaming, Digital, and FinTech, each headed by leaders from IGT and Everi. Fernandez brings extensive experience from his previous roles at Aristocrat Gaming. Transaction finalization is expected by the third quarter of 2025, post regulatory approvals.
Sectors
- Gaming
- FinTech
- Private Equity
Geography
- United States – The main operations and headquarters of the involved companies—IGT, Everi, and Apollo—are based in the United States.
Industry
- Gaming – The merger involves companies in the gaming industry, specifically land-based and digital gaming businesses.
- FinTech – The combined enterprise includes a FinTech business unit, highlighting the relevance of financial technology.
- Private Equity – Apollo Global Management, a private equity firm, is managing the acquisition and merger process.
Financials
- $733 billion – Apollo's assets under management as of September 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hector Fernandez | Future CEO of the Combined Enterprise | People | Appointed as the future CEO of the new gaming entity post-merger. |
| Apollo Global Management | PE Firm & Manager of the Acquisition | Companies | A leading global alternative asset manager overseeing the transaction. |
| International Game Technology PLC (IGT) | Target Company | Companies | Supplying the Gaming & Digital Business segment for the merger. |
| Everi Holdings Inc. | Target Company | Companies | Supplying FinTech capabilities for the merger. |
| Nick Khin | Interim CEO | People | Will serve as interim CEO after the closure of the transaction. |
| Gil Rotem | CEO, Digital | People | Appointed as the CEO of the Digital business unit in the combined entity. |
| Darren Simmons | CEO, FinTech | People | Appointed as the CEO of the FinTech business unit in the combined entity. |