Apollo Funds to Acquire IGT’s Gaming and Everi in $6.3bn Deal
Apollo Funds is set to finalize the acquisition of IGT’s Gaming and Digital business, along with Everi, in an all-cash transaction valued at approximately $6.3 billion. This move follows IGT’s strategic decision to separate its gaming and digital divisions and merge them with Everi.
Consolidation of Gaming Entities
With this acquisition, Apollo Funds will bring IGT Gaming and Everi under one roof, making them privately owned entities within a single consolidated enterprise. This transition marks a notable change in ownership and operational structure for both companies.
Upon the completion of the deal, IGT plans to rebrand itself and shift its focus entirely to becoming a leading pure-play lottery business. This transformation mirrors a previous strategic shift by Scientific Games in March 2022, when it rebranded as Light & Wonder and sold off parts of its lottery and sports betting segments.
Insights on Merger’s Strategic Impact
Daniel Cohen, Partner at Apollo, expressed enthusiasm about the agreement, highlighting the potential of the newly formed enterprise. “We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider well-positioned across the entire gaming ecosystem. As long-time investors in the gaming and leisure sector, we have long admired both companies and their talented teams.”
Cohen further emphasized the strategic benefits of the merger, stating, “We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value.”
Apollo Funds anticipates significant growth and value creation opportunities through the combined strengths of IGT Gaming and Everi. Cohen concluded, “We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward.”
