The looming acquisition of Everi Holdings Inc and IGT Gaming by Apollo Global Management will create an entity with a higher installed North American slot machine base than Light & Wonder and larger combined sales market share than either Light & Wonder or Aristocrat, according to latest analysis by Fitch Ratings.
The ratings agency outlines its expectations for the new Everi-IGT entity in a Monday note in which it maintained Everi’s Long-Term Issuer Default Rating (IDR) at “BB-” and its debt instruments on Rating Watch Positive (RWP). Fitch said the Rating Watch reflects its expectation of stronger credit post-merger due to the increased scale and diversification of the combined entity, material synergy opportunities and potential growth.
According to Fitch analysts, the new entity will present a significant force in the market, offering combined pro forma revenue in 2024 of US$2.6 billion and Adjusted EBITDA of US$1.1 billion.
