Apollo completes $6.3bn acquisition of Everi and IGT divisions
Deal finalized a year on from when a definitive agreement was reached between the three parties, with the combined enterprise to operate under IGT name
Apollo Global Management has confirmed its acquisition of supplier duo Everi and IGT’s gaming and digital divisions has been completed.
The investment firm first entered a definitive agreement with both suppliers in July of last year.
IGT, which has since rebranded to Brightstar Lottery, and Everi had originally combined, before the entity was sold to Apollo.
The two suppliers will operate under the IGT name, although the Everi brand will be retained in select markets.
The new enterprise will be split into three departments in the form of gaming, digital and fintech.
Nick Khin will lead IGT in the interim as CEO, ahead of Hector Fernandez’s non-compete clause expiring in December.
Khin outlined his optimism about what the future holds following the acquisition’s completion.
“This is a defining moment for our industry,” he explained. “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.”
Daniel Cohen, partner at Apollo, added: “Bringing together highly complementary businesses creates a more competitive, agile and well-capitalized platform built for long-term growth.
“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.”