Apollo Funds Finalizes IGT-Everi Acquisition Deal
LISTEN TO THIS ARTICLE:Apollo Funds has officially completed its $6.3 billion acquisition of IGT's gaming and digital assets in collaboration with Everi. The deal closes nearly a year after it was first announced.
Following the acquisition, IGT's lottery division was separated into a new entity named Brightstar Lottery, while its gaming and digital arms will be integrated with Everi, where it will operate privately under the IGT brand and managed by Apollo.
This announcement comes on the heels of last week's confirmation that the Nevada Gaming Control Board has granted necessary final approvals for the deal, allowing the parties to finalize the transaction and move forward with integration.
The new entity will offer a broad range of services spanning land-based gaming, FinTech, digital betting, and casino systems. It is expected to be run by Hector Fernandez, former CEO of Aristocrat, whose appointment was announced in Q4 2024. Apollo will appoint other members of the executive team from IGT, Everi, and other leading companies.
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.
Leveraging Strengths for Market Dominance
Combining IGT's broad range of assets with Everi's expertise in slot machines, gaming content, and software solutions, the new company aims to establish a strong foothold in land-based and digital gaming. According to Fitch Ratings, the combined entity will surpass Light & Wonder in the number of slot machines operated across North America. Its market share is also projected to eclipse Light & Wonder and Aristocrat's.
This is a defining moment for our industry. 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.
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