IGT Gaming and Everi: Merger Clears Major Hurdle with Nevada Approval
Deal News | Jun 13, 2025 | EIN
The proposed merger between IGT Gaming and Everi Holdings, supported by Apollo Global Management, has received a crucial recommendation for approval from the Nevada Gaming Control Board. This $6.3 billion deal has been navigating regulatory approvals across 36 jurisdictions, with a final decision pending from the Nevada Gaming Commission on June 26. Should both Nevada and Pennsylvania approve the transaction, it is projected to finalize by July 1. The merger involves International Game Technology consolidating its gaming and digital operations with Everi into a new private entity that will operate under the IGT name in Las Vegas. Apollo, having pledged $20 billion in backing, originally proposed the acquisition as an alternative to IGT's previous merger plan of its lottery with Everi. The board approved key executive roles including interim CEO Nick Khin and future CEO Hector Fernandez, with legal compliance spearheaded by Everi's chief legal officer. The deal awaits additional regulatory clearance before finalization.
Sectors
- Gaming and Gambling
- Private Equity
Geography
- United States – The primary geographic focus due to regulatory approvals from Nevada and Pennsylvania and the involved companies' significant operations in the U.S.
- United Kingdom – International Game Technology is based in London, thus linking the deal with UK regulations and interests.
Industry
- Gaming and Gambling – This sector encompasses companies involved in betting, casinos, and gaming equipment manufacturers, relevant here due to the nature of IGT and Everi's business operations.
- Private Equity – Apollo Global Management's significant financial backing and strategic role in the acquisition categorizes this within the private equity industry.
Financials
- $6.3 billion – The deal value for the merger between IGT and Everi.
- $20 billion – Apollo Global Management's financial commitment towards backing the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| International Game Technology (IGT) | Target Company | Company | A global leader in gaming technology, merging its gaming and digital operations in the deal. |
| Everi Holdings | Target Company | Company | Las Vegas-based gaming technology company merging with IGT in the proposed deal. |
| Apollo Global Management | Bidding Company/Buyer | Company | A private equity firm providing $20 billion backing for the merger, facilitating the acquisition of IGT and Everi. |
| Nick Khin | Interim CEO | Person | IGT's current president of global gaming, approved as interim CEO for the merged entity. |
| Hector Fernandez | Future CEO | Person | Former CEO of Aristocrat Gaming, set to take leadership after a non-compete agreement concludes. |
| Kate Lowenhar-Fisher | Compliance Officer | Person | Everi's chief legal officer assuming compliance responsibilities for the merged entity. |
| Kirk Hendrick | Chairman | Person | Chairman of the Nevada Gaming Control Board, overseeing the approval process. |
| Brin Gibson | Legal Counsel | Person | Former Gaming Control Board Chairman serving as legal counsel for the transaction. |