Apollo Bets $6.3B on Gaming Industry with IGT and Everi Deal
Portfolio Pulse from Lekha Gupta
Apollo Global Management is acquiring IGT's Gaming & Digital business and Everi Holdings in a $6.3 billion all-cash deal. Everi shareholders will receive a 56% premium, and IGT will use proceeds for debt repayment and shareholder returns. The deal is expected to close by Q3 2025, with Everi being delisted and IGT rebranding as a pure-play lottery company.
July 26, 2024 | 4:03 pm
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Apollo Global Management is acquiring IGT's Gaming & Digital business and Everi Holdings for $6.3 billion. The deal is expected to close by Q3 2025.
The acquisition expands Apollo's portfolio in the gaming industry, likely boosting investor confidence and stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Everi Holdings is being acquired by Apollo Global Management for $14.25 per share, a 56% premium over its July 25, 2024 closing price. The stock will be delisted from the NYSE after the deal closes.
The acquisition at a significant premium and subsequent delisting will likely drive the stock price up in the short term as investors react to the premium offer.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
IGT is selling its Gaming & Digital business to Apollo for $4.05 billion, which will be used for debt repayment and shareholder returns. IGT will rebrand as a pure-play lottery company post-deal.
The sale will provide significant cash inflow for debt repayment and shareholder returns, likely boosting investor sentiment and stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100