Apollo Funds Officially Acquire IGT and Everi

Apollo Funds has officially wrapped up its $6.3 billion acquisition of IGT’s gaming and digital business, nearly a year after first announcing the move. The deal also includes Everi, and together, the two will now operate as one combined company under the IGT name, fully owned and managed by Apollo.

Good to know

• IGT’s gaming and digital operations have merged with Everi under Apollo ownership.
• The company’s new headquarters will be based in Las Vegas.
• A separate entity, Brightstar Lottery, will now manage IGT’s former lottery business.

This merger marks a big shift for IGT. Its lottery division has split off into its own business called Brightstar Lottery, while the gaming and digital sides will move forward with Everi as part of a new-look IGT. Apollo is backing the combined company, aiming to create a stronger, more focused gaming platform with greater reach in both land-based and digital markets.

Former Aristocrat CEO Hector Fernandez is set to lead the merged business. His appointment was first announced in late 2024, and he will now take the reins as the group’s new chief executive. Nick Kihn, who served as IGT’s interim CEO, shared his thoughts on the completed deal.

“This is a defining moment for our industry,” Kihn said. “By uniting two leading organizations, we are building an enterprise with the scale, talent and technology to lead the future of gaming. With Apollo’s support, we are very well-positioned to deliver exceptional content across land-based and digital experiences, along with integrated financial solutions and casino management that enhance the player journey and drive value for our customers.”

Daniel Cohen, Partner at Apollo, added that the deal brings together two highly complementary businesses to create “a more competitive, agile and well-capitalized platform built for long-term growth.” He said the firm looks forward to supporting the IGT team as it moves forward under Fernandez’s leadership.

The final go-ahead from the Nevada Gaming Control Board came last week, clearing the way for the merger to close. That approval was one of the last steps in a long regulatory process.

As part of the transition, IGT’s headquarters will return to Las Vegas—its former home—after spending the past decade in Italy. The move reflects the company’s renewed focus on the North American gaming market, particularly through its digital and land-based offerings.

The new IGT, backed by Apollo and led by Fernandez, is expected to expand its reach across gaming systems, casino management tools, and online products—offering operators a more unified and innovative suite of services.

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