Apollo Global Management has completed the acquisitions of International Game Technology’s gaming and digital business and Everi Holdings, with the combined enterprise to operate under the IGT name.
Following an initial agreement in July 2024, the $6.3 billion transaction brings together complementary businesses to form a privately held global leader in gaming, digital and financial technology solutions.
The two companies will be integrated into a combined enterprise in the coming months, which will be headquartered in Las Vegas and operate as IGT, with the Everi brand retained in select markets and product lines.
IGT will be organized into three business units – Gaming, Digital and FinTech.
“This is a defining moment for our industry,” said Nick Khin, interim CEO of IGT. “By uniting two leading organizations, we are building an enterprise with the scale, talent and technology to lead the future of gaming.
“With Apollo’s support, we are very well-positioned to deliver exceptional content across land-based and digital experiences, along with integrated financial solutions and casino management that enhance the player journey and drive value for our customers. I’m honored to be part of this exciting chapter and to help shape the future of IGT.”
As previously announced, Hector Fernandez is expected to assume the role of IGT CEO in the fourth quarter of 2025, following the expiration of a customary non-compete period after his departure from rival Aristocrat Gaming.
Until then, Khin will lead the organization and transition into the role of CEO of IGT’s Gaming business unit upon Fernandez’s arrival.
“Bringing together highly complementary businesses creates a more competitive, agile and well-capitalized platform built for long-term growth,” said Daniel Cohen, partner at Apollo. “We are confident that IGT is well positioned to deliver differentiated content and capabilities that better serve customers across the globe. We look forward to working closely with Hector, Nick and the rest of the talented IGT team to lead the industry forward.”
Effective today, Everi’s shares have been delisted from the New York Stock Exchange.
From tomorrow, the recently rebranded Brightstar Lottery will begin trading under its new business name and stock ticker symbol (BRSL).
“The sale of the Gaming & Digital business positions Brightstar for an exciting future,” said Marco Sala, executive chair of Brightstar. “The balanced allocation of proceeds to significantly reduce debt and return substantial capital to shareholders, in addition to funding investments in growth and improving ongoing shareholder returns, reflect the Board’s continuing commitment to enhance shareholder value.”
Brightstar CEO Vince Sadusky added: “Today marks an exciting new chapter for the company, one that builds on a long legacy of delivering responsible, sustainable solutions through our products, services, technology, and insights. I am extremely proud of the Brightstar team, whose future-forward mindset and commitment to innovation serving lottery customers around the world are the foundation of the company’s strong financial position and predictable cash flows.”
Brightstar has received approximately $4.0 billion of net cash proceeds. Of this, $2.0 billion will be used for previously disclosed contractual commitment to reduce debt, and $1.1 billion will be returned to shareholders via a special cash dividend. A further $500 million will be used to partially fund the upcoming Italy Lotto license payments, and $400 million will be used for general corporate purposes.
Shares in International Game Technology plc (NYSE:IGT) were trading marginally higher by 0.41 per cent at $15.87 per share in early trading in New York Tuesday, while shares in Apollo Global Management (NYSE:APO) were trading 0.49 per cent lower at $141.18.