Apollo Gets Nevada Approval for IGT and Everi Merger

A major casino industry merger is close to wrapping up after receiving a green light in Nevada. The Nevada Gaming Control Board has approved Apollo Global Management’s $6.3 billion purchase of International Game Technology and Everi Holdings, putting the deal on track to close by July 1, 2025.

Good to know

• Everi shareholders will receive $14.25 per share in cash.
• IGT will sell its Gaming and Digital divisions for $4.05 billion.
• Final sign-offs are expected from Nevada and Pennsylvania regulators in late June.

Apollo Global Management plans to acquire both IGT and Everi Holdings and combine them into one privately owned business. The new combined operation will continue under the IGT name. The Nevada Gaming Commission is expected to issue final approval on June 26, followed by clearance from the Pennsylvania Gaming Control Board.

IGT’s current President of Global Gaming, Nick Khin, will take on the role of interim CEO of the unified business. He will fill the position until Hector Fernandez completes a non-compete agreement with Aristocrat Gaming later in the year. Once that agreement ends, Khin will shift back to leading IGT’s global gaming division, with Fernandez set to take over as CEO.

Details on the Buyout Terms

Under the agreement, Everi Holdings shareholders are set to receive $14.25 per share in cash, pushing Everi’s total valuation to approximately $2.25 billion. IGT, on the other hand, will receive $4.05 billion in return for selling its Gaming and Digital segments to Apollo. Once completed, both companies will operate privately under Apollo’s ownership.

As part of the transition, the Nevada Gaming Control Board also recommended removing IGT’s public company status. Once approved, IGT will no longer trade publicly. NGCB Chairman Kirk Hendrick commented on the process, stating the deal was “much easier” to handle thanks to regulators’ existing familiarity with the involved companies. Hendrick is scheduled to step down from his role on June 23.

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