Investment giant Apollo Global is set to acquire International Game Technology (IGT) and Everi in a deal valued at approximately $6.3 billion. As part of the agreement, Apollo plans to spin off IGT’s gaming division and merge it with Everi, a provider of casino technology and payment services, creating a unified company based in Las Vegas.
Everi shareholders will benefit from a share price increase of 56%, receiving $14.25 per share, while IGT will secure $4.05 billion. The consolidation process has already commenced; in February, IGT announced its intention to merge its PlayDigital business with Everi to establish a "comprehensive and diverse" global enterprise. The merger with Apollo has been unanimously approved by special committees from both IGT’s and Everi’s boards of directors.
Management changes are to be expected following the merger. Initially, IGT’s CEO Vince Sadasky was anticipated to lead the new organization, but plans have changed. He will now focus on overseeing the transition and will assume the role of CEO for the lottery division. Meanwhile, Mike Rumbolz, Everi's executive chairman, was expected to retain his position as chairman of the new entity, but Apollo’s announcement did not include any mention of him.
Fabio Celadon, IGT's executive vice president of strategy and corporate development, will join the new company as CFO, while Everi's CFO Mark Labay has been appointed chief integration officer.
