Holding company Apollo Funds is set to complete an acquisition of IGT’s Gaming and Digital business, as well as Everi, in an all-cash transaction that is valued at approximately $6.3bn altogether.
This comes after IGT announced plans to detach its gaming and digital vertical and then to combine it with Everi as part of a merger.
Through this latest development, Apollo Funds will acquire IGT Gaming and Everi, making them privately owned companies as part of one combined enterprise.
Also, once this deal is officially completed, IGT will change its name and switch to become a premier pure-play lottery business.
This is similar to Scientific Games back in March 2022 stating it would operate as Light & Wonder going forward, where it had plans to sell off parts of its lottery and sports betting businesses.
Partner at Apollo Daniel Cohen said: "We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams.
“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.
“We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward."
