Hector Fernandez to Lead Everi-IGT Joint Venture as CEO
Portfolio - People | Dec 07, 2024 | EIN
Hector Fernandez has been appointed as the future CEO of a joint enterprise formed through the merger of IGT's Gaming & Digital Business and Everi Holdings, backed by Apollo Funds. Fernandez, set to assume his new role in Q4 2025, brings substantial experience in the gaming and technology sectors from his previous tenure as CEO of Aristocrat Gaming. Prior to Fernandez's appointment, Nick Khin will serve as the Interim CEO following the merger's completion, while Fernandez is expected to join post-expiration of a non-compete clause. The combined entity will be structured into distinct business units: Gaming, Digital, and FinTech, each led by existing leaders from IGT and Everi. The merger's completion is anticipated by the end of Q3 2025, pending all necessary approvals, and aims to establish a premier, innovative platform in the gaming and FinTech sectors.
Sectors
- Gaming
- Digital & FinTech
Geography
- United States – The companies and key figures involved in the article, including Everi, IGT, and Apollo Funds, are based in the United States.
Industry
- Gaming – The article centers around a merger in the gaming industry, involving IGT's Gaming business and Everi Holdings.
- Digital & FinTech – With business units focusing on Digital and FinTech, these industries are directly relevant to the strategic goals post-merger.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hector Fernandez | Future CEO | Person | Appointed to lead the newly merged enterprise formed by IGT's Gaming & Digital Business and Everi Holdings. |
| Everi Holdings | Target | Company | Involved in the merger with IGT's Gaming & Digital Business, backed by Apollo Funds. |
| IGT | Selling Company | Company | Selling its Gaming & Digital Business as part of the merger. |
| Apollo Funds | Bidding Company | Company | Backing the merger of Everi Holdings and IGT's Gaming & Digital Business. |
| Nick Khin | Interim CEO | Person | Will lead the enterprise as Interim CEO until Hector Fernandez assumes the role in late 2025. |
| Daniel Cohen | Partner | Person | Apollo partner supporting the merger and appointment of Hector Fernandez. |
| Gil Rotem | CEO of Digital | Person | Appointed CEO of the Digital division of the combined enterprise. |
| Darren Simmons | CEO of FinTech | Person | Appointed CEO of the FinTech division of the combined enterprise. |