Private equity firm Apollo Funds will take International Game Technology’s gaming and digital business and Everi Holdings private in an all-cash deal that values the combined business at $6.3 billion.
Shares of IGT jumped 16 percent, while casino platform provider Everi rose 38 percent in premarket trading, Reuters news report said. Everi supplies technology solutions for the casino floor. It also develops and supplies player loyalty tools and mobile-first applications that drive increased patron engagement for customers and venues in the casino, sports, entertainment, and hospitality industries.
IGT in February said it would split its lottery unit from its gaming business, which would be merged with Everi to form a separate entity valued at $6.2 billion, including debt. IGT delivers entertaining and responsible gaming experiences for players across all channels and regulated businesses, from lotteries and gaming machines to sports betting and digital.
Apollo Funds, a part of Apollo Global Management, would pay $4.05 billion in cash to IGT.
IGT expects to use a significant part of the cash proceeds to repay debt and return to shareholders.
The deal, subject to approvals from regulators and Everi stockholders, is expected to be completed by the end of the third quarter of 2025. IGT shareholders approval is not required for the transaction.
The newly formed combined company, which will own IGT Gaming and Everi, would be headquartered in Las Vegas.
IGT’s top boss Vince Sadusky would oversee the separation of the gaming and lottery units and support the transition through the latest deal completion.
Post-closing, Sadusky would continue in his role, leading the lottery-focused company under its new name and stock ticker symbol, IGT said.
“As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams,” Daniel Cohen, Partner at Apollo, said.
