Apollo Global Management is set to take control of International Game Technology (IGT) and Everi Holdings in an all-cash acquisition deal worth $6.3 billion. This transaction will transition IGT Gaming and Everi into privately owned companies.
Everi’s stockholders will receive $14.25 per share in cash, valuing Everi at approximately $2.25 billion. IGT will get $4.05 billion for its gaming and digital businesses. This move aligns with the trend of gaming companies opting for private ownership.
Following this deal, both IGT and Everi will cease their prior transaction agreements. IGT plans to use the proceeds to clear outstanding debts and return funds to shareholders. This decision follows IGT’s earlier announcement to spin off its Global Gaming and PlayDigital businesses, merging them with Everi, while IGT retains its lottery segment.
IGT CEO Vince Sadusky stated, “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. After the closing of this transaction, IGT’s shareholders will continue to own one hundred percent of IGT’s Global Lottery business, which will be positioned for long-term success as a pure-play global lottery player with a more focused, compelling business model and optimized capital structure to drive long-term shareholder value.”
Everi President and CEO Randy Taylor added, “We believe this transaction maintains the integrity and strong strategic rationale of our original agreement with IGT, but now also provides significant and certain value to our stockholders as we move forward with the Apollo Funds as our partner. By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry.”
The post Apollo Acquires Everi and IGT Gaming & Digital for $6.3 Billion appeared first on iGaming.org.