Everi Holdings‘ stockholders have voted to approve the pending simultaneous acquisition of Everi and IGT’s Gaming & Digital business by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management.
Apollo Global’s deal for Everi and IGT’s Gaming & Digital business has been in place since July earlier this year, with it covering a previous merger agreement in place between Everi and IGT.
At a recent stockholders’ special meeting, the casino gaming content and products provider noted that “approximately 99.88% of the shares voted were voted in favour of the merger, which represented approximately 71.48% of the total outstanding shares of Everi common stock as of October 3, 2024, the record date for the Special Meeting”.
Everi stated that per the terms of the merger agreement, stockholders will “receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger”.
“We are pleased that our stockholders supported our transaction with the Apollo Funds,” commented Michael Rumbolz, Chair of Everi’s Board of Directors.
“We now shift our focus to the important next steps toward completing the transaction and maximising value for Everi stockholders.”
In line with what IGT said earlier this week alongside its third-quarter financials, Everi said that the proposed transaction is expected to close by the end of Q3 2025, assuming a timely satisfaction of necessary closing conditions.
At the time of Apollo’s initial acquisition announcement in July, Daniel Cohen, Partner at Apollo, stated: “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.”
Blackstone, the private equity giant, is set to disrupt Spain’s gambling market by listing CIRSA SA on the Bolsa Madrid exchange in early 2025.
According to the Spanish business outlet Expansión, Blackstone has mobilised several banks to support CIRSA’s IPO in Madrid.
Speculation about Blackstone’s plans for CIRSA has been ongoing since 2022, when the Spanish gambling company rebounded to profitability after the COVID-19 pandemic.
Blackstone has owned CIRSA since 2018, having acquired the business from its founder, Manuel Lao Hernandez, for €2 billion. The acquisition was part of Blackstone’s strategy to expand its European gambling portfolio.
Since a corporate reorganization in 2022, CIRSA has exceeded market expectations. For 2024, it is on track to achieve net revenues exceeding €2 billion, an EBITDA of €680–710 million, and a leverage ratio of 3.7x–3.9x.
Reports indicate Blackstone plans to list 20–25% of CIRSA’s shares on the Bolsa Madrid, aiming to raise €700 million to €1 billion. This approach marks a shift from the earlier idea of a full IPO.
Lazard has been named financial advisor for the IPO, while Barclays, Deutsche Bank, and Morgan Stanley will handle global capital markets.
CIRSA operates over 30,000 gambling machines across recreational and hospitality venues in Spain, along with 40 bingo halls, six casinos, and 237 arcades.
Internationally, CIRSA expanded into Peru this year by acquiring a 70% stake in Apuesta Total. This deal made CIRSA Peru’s largest gambling operator, adding 500 betting points and an online sportsbook to its existing portfolio of 19 casinos and 3,200 slot machines.
