Apollo Funds to acquire IGT's gaming business, Everi in $6.3 bln deal
Technology
Apollo Funds to acquire IGT's gaming business, Everi in $6.3 bln deal
(Reuters) - Private equity firm Apollo Funds will take International Game Technology's gaming and digital business and Everi Holdings private in a deal valued at $6.3 billion, the lottery and gaming machine provider said on Friday.
Shares of IGT were up 18.75%, while casino platform provider Everi rose 32% in premarket trading.
IGT had said in February it would split its lottery unit from its gaming businesses, which would be merged with Everi to form a separate entity valued at $6.2 billion, including debt.
Apollo would pay $4.05 billion for IGT Gaming, while Everi shareholders would receive $1.2 billion, according to Reuters' calculation.
The deal, subject to regulatory approvals and approval by 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.
After the closing, IGT Gaming and Everi would be privately owned companies that are part of one combined enterprise.
IGT's top boss Vince Sadusky would oversee the separation of the units and support the transition through 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.
The newly formed combined company would be headquartered in Las Vegas.
