646 ph login.Jiligo88 login,99abjili

Apollo Funds to Buy IGT Gaming and Everi for $6.3bn

  • The combined IGT Gaming & Digital and Everi business will go private
  • The two companies had previously agreed to a merger in February
  • IGT will change the name and ticker symbol of its lottery business
Dan Katz

Dan Katz graduated with a BS in Commerce from the University of Virginia and an MBA from Emory University. He clearly uses neither of those degrees now, having been writing about the gambling industry (specializing in poker) since 2005. Prior to that, he was an IT and management consultant. He is an avid gamer, primarily on PC, and enjoys collecting retro video games and consoles; finding room to set them all up is his current challenge. Dan lives in Atlanta, Georgia with his wife and two children. You can get in touch with Dan at [email protected].

IGT logo on smartphone
Funds managed by affiliated of Apollo Global Management have agreed to buy IGT Gaming and Everi in an all-cash deal valued at $6.3bn. [Image: Shutterstock.com]

Funds managed by affiliates of Apollo Global Management have agreed to acquire both IGT’s Gaming & Digital business and Everi in an all-cash deal valuing the combined companies at $6.3bn. IGT Gaming and Everi will be private companies, part of a larger corporate entity, after the sale is completed.

IGT’s remaining lottery business will change its name and ticker symbol

In February, IGT and Everi announced that they had agreed to a merger of the IGT Gaming business and Everi, valuing the new company at $6.2bn. With the new deal with Apollo, not only will the combined business go private, but IGT’s remaining lottery business will change its name and ticker symbol.

Apollo is paying Everi shareholders $14.25 per share, for an implied valuation of $1.2bn. Adding the company’s $1bn in debt, the Everi portion of the deal is worth $2.2bn.

IGT will receive $4.05bn in cash, which will be used to pay down debt and distribute to shareholders.

IGT shares closed at $23.77 on Friday, a 17.91% increase. Everi shares soared 40.26%, closing at $12.82.

Leave a Reply

Your email address will not be published. Required fields are marked *