【cassino em s?o paulo】-Apollo Makes a Major Move and Acquires IGT for $6.3 Billion

Apollo Global acquires IGT and Everi for $6.3 billion, merging gaming giants and expanding its digital footprint.

Apollo Global Managementhas announced a major acquisition that’s making wavesin the gaming industry. The private equity giant is set to acquire IGT’s gaming and digital business along with Everi Holdings in a $6.3 billion deal.

This deal is one of the largest mergers in the gaming sector and highlights Apollo’s aggressive strategy to expand its footprint in the gaming and digital entertainment world.

New gaming powerhouse

IGT is a well-known name in the gaming industry, famous for its slot machines and online casino creations. By acquiring IGT's gaming and digital operations, Apollo is ready to take a major step forwardin the gaming landscape. Everi Holdings, another key player known for its gaming equipment and financial technology solutions, will also be brought under Apollo’s umbrella.

This acquisition will not only combine the strengths of IGT and Everi but will also create a new powerhouse in the gaming industry. The combined business will have an impressive portfolio of gaming solutions and a stronger market presence, making it even stronger in the market.

The deal includes Apollo acquiring IGT’s gaming and digital business for $4.05 billion in cash. Simultaneously, Apollo will purchase all outstanding shares of Everi for $14.25 per share, a 56% premium over Everi’s recent stock price. The combined transaction is valued at more than $6.3 billion and proves Apollo’s confidence in the gaming sector's growth potential.

Strategies and implications

The acquisition is expected to close by the end of the third quarter of 2025, depending on regulatory approvals and customary closing conditions. Once completed, the merger will reshape the gaming industry's competitive landscape.

IGT’s games portfolio of slot machines, digital gaming solutions, and lottery serviceswill work hand-in-hand with Everi’s financial technology and loyalty options. This collaboration will drive innovation and provide enhanced offerings to customers, from gaming operators to customers.

For Apollo, this acquisition is a move to bolster its presencein the gaming and digital entertainment sector. The firm has a history of investing in the gambling industry, and this latest deal aligns with its long-term vision of growth and innovation in the sector.

Daniel Cohen, Partner at Apollo, commented:

“We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams.

We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value.

We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward.”

By integrating IGT’s and Everi’s strengths, Apollo aims to create a robust business that is capable of competing with the biggest names in the industry!

Looking ahead for IGT

While many of the finer details of this acquisition have changed multiple times, it is finally moving forward and is being seen as a “positive evolution”for IGT as a game provider.

Vince Sadusky, IGT PLC CEO, commented on the acquisition, saying:

“Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year. With the Apollo Funds, we have found a partner that recognises the strength of IGT Gaming, the value of our talent and our position in the industry.

This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings.”

The iGaming company has much to offer, and we can’t wait to see what this acquisition bringsin the future.

Published: August 12, 2024