Holding company Apollo Funds is close to completing its acquisition of IGT's gaming and digital businesses and Everi in an all-cash deal valued at approximately $6.3 billion.
Previously, IGT announced plans to separate its gaming and digital vertical businesses and then merge them with Everi.
With this latest development, Apollo Funds will acquire IGT Gaming and Everi, making them private companies as part of the combined business.
Additionally, once the deal is officially completed, IGT will rebrand and transform into a top-tier pure-play lottery company.
This is similar to Scientific Games' announcement in March 2022 that it would operate under the name Light & Wonder, when the company planned to sell off parts of its lottery and sports betting operations.
Daniel Cohen, partner at Apollo, said: “We are delighted to have reached this agreement with IGT and Everi, which will create a leading, diversified solutions provider well positioned across the gaming ecosystem.
As active investors in the gaming and leisure sectors for many years, we have always admired both companies and their talented teams.
We strongly believe in the combined value proposition and believe these complementary gaming platforms will be better positioned upon privatization to capture future growth and value creation opportunities.
We look forward to working with everyone at IGT Gaming and Everi to drive the combined business forward. "
