IGT Finalizes Digital Business Merger with Everi
Deal News | Jul 02, 2025 | EIN
The merger between IGT's Digital Business and Everi Holdings has been completed, combining the entities under a holding company owned by Apollo Global Management. The transaction, valued at $6.3 billion, involved an all-cash acquisition. The combined enterprise will be based in Las Vegas, retaining the IGT name while using the Everi brand in select markets. IGT will be reorganized into Gaming, Digital, and FinTech units. Nick Khin, IGT's Interim CEO, will oversee the transition until Hector Fernandez takes over later this year. Following the deal, Everi's stock was delisted, with stockholders receiving $14.25 per share. IGT, now Brightstar Lottery, will continue trading on the NYSE under the ticker BRSL. The merger has resulted in a $1.1 billion capital return to shareholders through dividends and a share repurchase program, alongside a $2 billion debt reduction.
Sectors
- Gaming
- Private Equity
Geography
- United States – The merger involves companies operating primarily within the United States, with headquarters and business activity focused in Las Vegas.
Industry
- Gaming – The merger involves major gaming companies, IGT and Everi, focusing on gaming technologies and services.
- Private Equity – Apollo Global Management is a key player in this transaction, showcasing the role of private equity in corporate acquisitions and mergers.
Financials
- 6.3 billion – Total value of the acquisition and merger.
- 14.25 – Cash amount per share received by Everi stockholders.
- 4.05 billion – Gross cash proceeds received by International Game Technology PLC.
- 1.1 billion – Capital return to shareholders post-merger.
- 500 million – Share repurchase authorization included in the capital return.
- 2 billion – Debt reduction achieved as part of the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| International Game Technology (IGT) | Target company | Company | IGT is a major gaming technology company involved in the merger. |
| Everi Holdings | Target company | Company | Everi Holdings is a gaming company that merged with IGT under Apollo's management. |
| Apollo Global Management | Bidding company | Company | Apollo is the private equity firm managing the holding company for the merged entities. |
| Nick Khin | Interim CEO | Person | Nick Khin is currently leading IGT through the merger transition. |
| Hector Fernandez | Future CEO | Person | Hector Fernandez will become the permanent CEO of IGT in the fourth quarter. |
| Vince Sadusky | CEO | Person | CEO of Brightstar, expressed the exciting new chapter following the merger completion. |