Everi Holdings Secures Approval for Apollo Acquisition
Everi Holdings Inc. (NYSE: EVRI), a leader in casino gaming technology and financial solutions, has reached a significant milestone as its stockholders have overwhelmingly approved the acquisition by Apollo Funds. This acquisition represents a pivotal moment for Everi, allowing the company to leverage the extensive management expertise and resources AVP offers through affiliates of Apollo Global Management, Inc. (NYSE: APO).
Special Meeting Highlights
The special stockholder meeting showcased the strong backing behind this transaction. A staggering 99.88% of the shares voted endorsed the merger, accounting for about 71.48% of all outstanding shares as of the record date. This level of support indicates the confidence Everi's stockholders have in the anticipated advantages of this acquisition.
Management's Response
Michael Rumbolz, Everi's chairman, expressed gratitude for the stockholders' backing. He emphasized the company's commitment to advancing towards the finalization of the agreement with Apollo Funds. Rumbolz assured stakeholders that the management team would prioritize actions that will maximize their investment and ensure continued growth.
Transaction Overview
Under the merger terms, Everi stockholders will receive $14.25 per share in cash, a compelling offer that illustrates the potential value this acquisition is expected to bring. The completion of the merger is projected to occur by the close of the third quarter of 2025, pending the satisfaction of standard closing conditions.
Impact on Everi's Operations
This strategic partnership aims to position Everi as a stronger entity in the gaming technology space. By joining forces with Apollo Funds, Everi plans to enhance its product offerings and expand its market reach. The acquisition aligns with Everi's mission to innovate within the gaming industry using cutting-edge technology and engaging solutions tailored to player needs.
About Everi
Everi's mission revolves around transforming the gaming landscape through innovative technology and unparalleled service. With a robust portfolio that includes gaming machines, digital content, and financial technology solutions, the company continually seeks to enhance player engagement. Everi's commitment extends beyond gaming technology as it also provides solutions for loyalty programs and mobile applications, addressing customer needs across various sectors, including casino, sports, and hospitality.
Frequently Asked Questions
What is the acquisition amount for Everi Holdings stockholders?
Stockholders are set to receive $14.25 per share in cash as part of the acquisition agreement.
Who is acquiring Everi Holdings?
The acquisition is being conducted by a newly formed holding company owned by Apollo Funds, part of Apollo Global Management, Inc.
What was the stockholder approval percentage?
Approximately 99.88% of the shares voted supported the acquisition at the special meeting.
When is the expected completion date of the acquisition?
The acquisition is anticipated to close by the end of the third quarter of 2025, subject to all necessary conditions being met.
What are Everi's main business areas?
Everi focuses on providing gaming content, technology solutions for casinos, financial technology, and player engagement solutions.
