Apollo Global management announced Tuesday the completion of its acquisitions of International Game Technology’s gaming and digital business and Everi Holdings Inc.
The sale, which will to take the combined gaming companies private, follows votes last week by the Nevada Gaming Commission; the Commission signed off on the deal, valued at $6.3 billion.
IGT and Everi will be integrated into a combined company in the coming months. Headquartered in Las Vegas, the enterprise will operate under the IGT name, while retaining the Everi brand in select markets and product lines.
IGT will be organized into three business units: Gaming, Digital, and FinTech, creating a customer-first enterprise supported by a people-first culture that values talent, collaboration and innovation, according to IGT Interim CEO Nick Khin.
“This is a defining moment for our industry,” Khin said. “By uniting two leading organizations, we’re building an enterprise with the scale, talent, and technology to lead the future of gaming. With Apollo’s support, we’re 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.”
Hector Fernandez is expected to assume the role of CEO of IGT during the fourth quarter, following the expiration of a non-compete period with Aristocrat. Until then, Khin will lead the organization and transition into the role of CEO of IGT’s Gaming business unit upon Fernandez’s arrival.
“Bringing together highly complementary businesses creates a more competitive, agile, and well-capitalized platform built for long-term growth,” said Daniel Cohen, a partner at Apollo. “IGT is well positioned to deliver differentiated content and capabilities that better serve customers across the globe.”
Effective Tuesday, Everi common stock has been delisted from the New York Stock Exchange. Everi stockholders are receiving $14.25 per share in cash and International Game Technology is receiving $4.05 billion of cash proceeds.
