Key points:
- Everi stockholders approve merger with Apollo Funds, valuing the deal at $6.3bn
- Everi shareholders will receive $14.25 per share in cash
- The transaction is expected to close by the third quarter of 2025, pending necessary approvals
Everi Holdings stockholders have voted in favour of the company’s pending acquisition by Apollo Global Management’s affiliates, which also includes the acquisition of International Game Technology (IGT) Gaming & Digital business.
The approval came during a special meeting of Everi stockholders, where approximately 99.88% of the shares voted were in favour of the deal, representing roughly 71.48% of the total outstanding shares as of 3 October 2024.
The deal, which is valued at approximately $6.3bn, will see Everi stockholders receive $14.25 per share in cash. The transaction is expected to close by the end of the third quarter of 2025, subject to the satisfaction of customary closing conditions.
Michael Rumbolz, Chairman of Everi’s Board of Directors, said: "We now shift our focus to the important next steps toward completing the transaction and maximising value for Everi stockholders."
Good to know: The merger will create a combined entity under private ownership, with the Apollo Funds acquiring both Everi and IGT’s Gaming & Digital business
Following the transaction, IGT will separate its gaming and digital divisions and focus on becoming a lottery business. This strategic realignment mirrors similar moves in the industry, such as Scientific Games’ decision to sell parts of its business in 2022.
The approval follows an earlier announcement in July 2024, where it was revealed that Apollo Funds would acquire both Everi and IGT’s Gaming & Digital operations in an all-cash transaction.
The final details of the merger will be disclosed in a Form 8-K filed by Everi with the US Securities and Exchange Commission.