The all-cash transaction, valued at approximately US$6.3bn, brings together complementary businesses to form a privately held global leader in gaming, digital and financial technology solutions, named IGT.
The combined company will operate out of Las Vegas and be structured into three units: Gaming, Digital, and FinTech, aiming for a customer-centric approach supported by a culture of collaboration and innovation.
Interim CEO Nick Khin emphasized the strategic importance of this merger for the future of the gaming industry, while Hector Fernandez is set to take over as CEO later in 2025.
Following the acquisition, Everi's stock has been delisted from the NYSE, with shareholders receiving US$14.25 per share in cash. Apollo, a prominent alternative asset manager, is committed to leveraging this merger for long-term growth and delivering enhanced value to customers globally.
“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 CEO of IGT in the fourth quarter of 2025, following the expiration of a customary non-compete period. Until then, Khin will lead the organization and transition into the role of CEO of IGT’s Gaming business unit upon Mr. 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.”
Source: GMB
