Apollo Funds Acquire IGT and Everi, Shaping Future of Gaming
Apollo Funds Complete Strategic Acquisitions to Lead Gaming Sector
In a significant move for the gaming industry, Apollo Funds has successfully finalized the acquisitions of International Game Technology's (IGT) Gaming & Digital Business and Everi Holdings Inc. This all-cash transaction, valued at approximately $6.3 billion, will establish a new powerhouse in gaming and financial technology solutions.
Formation of a Stronger Entity
The merged company will operate under the IGT brand, while also retaining the Everi brand in select markets. This strategic integration is designed to enhance service delivery and innovation, ensuring that IGT's combined expertise can better cater to customer needs across different segments.
Business Unit Structure
Post-merger, IGT will function through three key business units: Gaming, Digital, and FinTech. This structured approach focuses on prioritizing customers and fostering a culture that emphasizes collaboration and talent development. The aim is to create a comprehensive enterprise capable of leading future advancements in the gaming sector.
Leadership Vision for Growth
Nick Khin, the Interim CEO of IGT, expressed great optimism about the merger's potential. "This is a defining moment for our industry," he stated. By combining strengths, the company is poised to leverage Apollo's resources for delivering cutting-edge content, enhancing both physical and digital gaming experiences.
Future Leadership on the Horizon
As outlined previously, Hector Fernandez is expected to step into the CEO role of IGT in the latter part of 2025. Until then, Mr. Khin will guide the company, transitioning to the head of the Gaming unit once Mr. Fernandez assumes his position.
Benefits of the Merger
Daniel Cohen, Partner at Apollo, noted that merging these two complementary businesses will foster greater competitiveness and long-term growth potential. Apollo believes that the newly formed IGT entity is uniquely situated to deliver unparalleled content and capabilities to customers globally.
Impact on Stockholders
With the acquisition now complete, Everi common stock has been officially delisted from the New York Stock Exchange. Everi stockholders will receive a cash payout of $14.25 per share as part of the transaction, while International Game Technology will gain $4.05 billion in gross cash proceeds.
About IGT
IGT stands as a leading global provider of integrated gaming solutions, ranging from gaming machines to digital and financial technologies. Established through this merger, the company aims to redefine the gaming experience for operators and players alike by streamlining customer interactions. Headquartered in Las Vegas, IGT is dedicated to driving innovation in the gaming industry.
About Apollo Funds
Apollo Funds is recognized as a high-growth global alternative asset manager, offering robust returns across a spectrum of investments. With a history extending over three decades, Apollo's strategic investing approach has consistently met client needs while fostering business growth. As of last check, they managed approximately $785 billion in assets, showcasing their significant market influence.
Frequently Asked Questions
What companies are involved in the Apollo Funds acquisitions?
The acquisitions involve International Game Technology (IGT) and Everi Holdings Inc.
What is the total value of the acquisitions?
The total value of the acquisitions is approximately $6.3 billion.
Who will lead IGT post-merger?
Nick Khin serves as the Interim CEO until Hector Fernandez takes over in the fourth quarter of 2025.
What benefits will the merger provide customers?
The merger aims to enhance service delivery, offering better gaming experiences through innovation and customer-centric solutions.
What happens to Everi’s stock as a result of the acquisition?
Everi's common stock has been delisted from the New York Stock Exchange, with stockholders receiving $14.25 per share in cash.
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