Apollo Buys Both IGT Gaming and Everi in Cash Deal
International Game Technology PLC (NYSE: IGT) and Everi Holdings Inc. (NYSE: EVRI) have entered into an agreement where IGT Gaming & Digital business and Everi will be simultaneously acquired by Apollo Global Management Inc. in an all-cash deal valued at $6.3 billion.
With this agreement, IGT Gaming and Everi will be privately owned companies that are part of one combined enterprise.
Boards Unanimously Approve Transaction
Vince Sadusky, IGT PLC CEO, said: “Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year. With the Apollo Funds, we have found a partner that recognizes the strength of IGT Gaming, the value of our talent and our position in the industry.
“This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings. After the closing of this transaction, IGT's shareholders will continue to own one hundred percent of IGT's Global Lottery business, which will be positioned for long-term success as a pure-play global lottery player with a more focused, compelling business model and optimized capital structure to drive long-term shareholder value.”
Companies To Move Forward Under Private Ownership
The majority shareholder of IGT, De Agostini S.p.A, is taking a minority equity investment in the new combined enterprise. A special committee of the IGT Board of Director and all the members of the Everi board unanimously approved the transaction.
IGT is a global leader in the gaming industry with over 11,000 employees, while Everi is one of the largest suppliers of technology solutions for the casino floor, developing game content, gaming machines, and gaming systems for land-based, igaming and bingo operators.
“We believe this transaction maintains the integrity and strong strategic rationale of our original agreement with IGT, but now also provides significant and certain value to our stockholders as we move forward with the Apollo Funds as our partner,” said Everi President and CEO Randy Taylor. “By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry. Under private ownership, we believe we will be better positioned to accelerate the integration of our two organizations for the benefit of our customers and employees.”
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