Apollo Completes Takeover of IGT Gaming and Everi
Apollo Global Management has closed its $6.3 billion acquisition of International Game Technology’s Gaming and Digital unit and Everi Holdings. The combined company will now operate under the IGT name, bringing together gaming, digital, and FinTech services in one privately held business based in Las Vegas.
Merger Creates Unified Gaming Enterprise
Apollo has merged IGT’s Gaming and Digital business with Everi to form a single company. The new entity will use the IGT name and keep the Everi brand in selected areas. This move creates a broader offering across land-based gaming, online platforms, and financial services. The business will operate in three main units: Gaming, Digital, and FinTech.
Leadership Change Ahead
Nick Khin will stay on as interim CEO during the integration process. Later this year, Hector Fernandez, former CEO of Aristocrat, is expected to take over. After the transition, Khin will lead IGT’s Gaming division. This planned leadership shift aims to support continuity and long-term growth.
The all-cash deal is valued at $6.3 billion. Everi shareholders will receive $14.25 per share. As a result of the acquisition, Everi has been removed from the New York Stock Exchange. IGT’s parent company will collect $4.05 billion in gross proceeds. Legal services for the Apollo Funds were provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Strategic Goals for the New IGT
Daniel Cohen, Partner at Apollo, added that the merger creates “a more competitive, agile and well-capitalized platform built for long-term growth. The company plans to offer a full range of products for both physical and online gaming. Nick Khin, interim CEO, says the merger creates an enterprise equipped to lead the industry:
“By uniting two leading organizations, we are building an enterprise with the scale, talent and technology to lead the future of gaming.”
Broader Impact on the iGaming Industry
With this merger, IGT expands its reach in both gaming and financial services. The company now provides slot machines, online gaming, sports betting platforms, and payment tools. By combining these areas, IGT aims to deliver a seamless experience for players and operators alike. The focus will remain on innovation, customer service, and global market presence.