Apollo Global Management has announced a $6.3 billion acquisition of International Game Technology’s (IGT) gaming division and Everi Holdings, surpassing the companies’ previous merger intentions.
Under the new arrangement, Apollo will separate IGT’s gaming segment and merge it with Everi, a leading supplier of casino technology and payment solutions, into a single enterprise. Everi shareholders will receive $14.25 per share in cash, a 56% premium over the closing price on July 25, and IGT will receive $4.05 billion in cash.
IGT-Everi
In February, IGT had planned to merge its Global Gaming and PlayDigital units with Everi to create a comprehensive global enterprise. This transaction has received unanimous approval from IGT’s special committee and Everi’s board, leading to the termination of the previous agreement, which would have seen the combined entity trade under the IGT name on the New York Stock Exchange. The legacy IGT lottery business will remain listed under a new brand, with De Agostini SpA retaining a minority stake in the new IGT-Everi entity.
Apollo partner Daniel Cohen stated that the private ownership would better position the business to grow and create value, forming a leading provider across the gaming ecosystem.
Vince Sadusky, the current CEO of IGT, will oversee the separation of the gaming operations and support the transition, remaining as CEO of the lottery business post-deal. The new leadership structure includes IGT’s Fabio Celadon as CFO and Everi’s Mark Labay as Chief Integration Officer, with headquarters in Las Vegas.
Sadusky noted the agreement as a positive evolution of the previous deal, highlighting Apollo’s recognition of IGT’s strengths. Everi CEO Randy Taylor emphasized the strategic value and potential for accelerated integration under Apollo’s ownership.
Following the news, Everi’s shares surged by 40.15% to $12.81, while IGT’s shares increased by 16.57% to $23.50 in pre-market trading.
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