In a surprising twist, Apollo Global Management has made a bold move to acquire IGT Gaming and Everi Holdings Inc. for a total of $6.3 billion. This acquisition comes after IGT and Everi had initially planned to merge their businesses.
IGT and Everi recently announced that they had entered into definitive agreements for IGT Gaming to be separated and then combined with Everi. However, Apollo Global Management has now stepped in to acquire both companies in an all-cash transaction.
Under the new agreements, the Apollo Funds will take ownership of IGT Gaming and Everi, creating a single, privately owned enterprise. Everi stockholders will receive a significant premium of $14.25 per share in cash, while IGT will receive $4.05 billion in gross cash proceeds for IGT Gaming.
De Agostini S.p.A., the majority shareholder of IGT, has also committed to making a minority equity investment in the combined enterprise. After the acquisition, IGT will transform into a pure play lottery business, with a new CEO and CFO at the helm.
The closing of this deal is expected to take place towards the end of 2025. While the companies have not yet revealed who will lead the newly combined gaming supplier, this acquisition marks a significant development in the industry. With Apollo Global Management at the helm, the future of IGT Gaming and Everi is sure to be full of exciting changes and opportunities.