Apollo Funds to Acquire IGT and Everi in $6.3 Billion All-Cash Deal
![Apollo Funds to Acquire IGT and Everi in $6.3 Billion All-Cash Deal](/content/images/size/w1200/2024/07/13ea4de0-bacf-4973-9838-73efe8beaeda.png)
Apollo Global Management, Inc. (NYSE: APO) has agreed to acquire International Game Technology PLC's (IGT) Gaming and Digital business and Everi Holdings Inc. (NYSE: EVRI) in an all-cash transaction valued at approximately $6.3 billion. This acquisition will make IGT Gaming and Everi privately owned companies, part of a combined enterprise managed by Apollo Funds. The deal is expected to close by the end of 2025, pending regulatory and Everi stockholder approval.
Everi stockholders will receive $14.25 per share in cash, representing a 56% premium over the company's last closing share price. IGT will receive $4.05 billion in cash for its Gaming and Digital business. The transaction has been unanimously approved by the IGT Board of Directors. Following the sale, IGT PLC will rebrand and focus solely on its lottery business. Additionally, De Agostini S.p.A., the majority shareholder of IGT, has committed to a minority equity investment in the new enterprise.