Private equity firm Apollo Funds (APO) on July 26, 2024, announced that it had signed a merger agreement to acquire Everi Holdings Inc. (EVRI) and International Game Technology’s (IGT) gaming and digital business in a deal worth $6.3 billion.
Under the terms of the agreement, IGT will receive $4.05 billion of gross cash proceeds for IGT Gaming and Everi stockholders will receive $14.25 per share in cash, from funds managed by affiliates of Apollo Global Management, representing a premium of 55.91% from Everi’s last close on Thursday.
Everi is a Las Vegas-based company that develops and supplies gaming content, machines, systems, and financial technology solutions for land-based and iGaming operators globally, operating in Games and Financial Technology Solutions segments.
International Game Technology is a London-based company that provides gaming technology products and services worldwide, operating through its Global Lottery, Global Gaming, and PlayDigital segments, offering a wide range of gaming machines, systems, and digital gaming solutions.
Apollo Global Management is a New York-based private equity firm specializing in investments in credit, private equity, and real estate markets globally, with a focus on various industries and employing contrarian, value, and distressed strategies.
In February, IGT announced that it would separate its gaming unit from its lottery business and then combine it into Everi. Under the terms of the new agreements, the Apollo Funds will acquire IGT Gaming and Everi.
Everi’s current EV/EBITDA (TTM) ratio is 4.78, below the sector median of 10.81.
Following closing, which is expected by the end of the third quarter of 2025, IGT Gaming and Everi will be privately owned companies that will be part of one combined enterprise. The transaction does not require approval from IGT shareholders.
After the deal is completed, IGT’s CEO Vince Sadusky will keep his position, leading the lottery-focused company under its new name and stock ticker symbol, headquartered in Las Vegas.
De Agostini S.p.A., an Italian joint-stock company and the majority shareholder of IGT will make a minority equity investment in the combined enterprise at the transaction’s closing.
For more information on this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of IGT’s Gaming & Digital business (IGT Gaming) and Everi Holdings Inc. (EVRI) by Apollo Global Management, Inc. (APO)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article