Apollo Global Management has completed its $6.3 billion all-cash acquisition of Everi Holdings and International Game Technology’s (IGT) Gaming & Digital division, forming a powerhouse in the global gaming and fintech space. The newly combined company, headquartered in Las Vegas, will operate under the IGT name, while retaining the Everi brand in specific markets.
Deal Highlights and Structure
The merger brings together two major players into a unified platform with three business units: Gaming, Digital, and FinTech. Everi shareholders received $14.25 per share, while IGT gained $4.05 billion in gross cash proceeds. Following the deal, Everi’s stock has been delisted from the NYSE.
The new IGT aims to integrate land-based and online gaming with financial tech solutions, positioning itself as a go-to partner for regulated markets worldwide.
Leadership Transition
Nick Khin, now Interim CEO, will continue to lead the company until late 2025. At that point, Hector Fernandez—Everi’s former CEO—is set to take over, following the end of a non-compete agreement. Khin will then head the Gaming division.
“This is a defining moment for our industry,” Khin said. “We’re building an enterprise with the scale and talent to shape the future of gaming.”
Apollo Partner Daniel Cohen added, “Combining these businesses gives us a stronger, more flexible platform ready for long-term growth.”
Brightstar Launches as Independent Lottery Arm
As part of the restructuring, IGT’s former global lottery unit has been spun off and renamed Brightstar. It now operates independently and received the $4.05 billion from the transaction to strengthen its balance sheet. The funds will go toward $2 billion in debt reduction, $1.1 billion in shareholder returns, $500 million in payments for its Italian lottery license, and $400 million in general expenses.
Apollo’s Broader Gaming Moves
This deal adds to Apollo’s growing gaming portfolio, which already includes stakes in Great Canadian Gaming and Lottomatica. Reports suggest Apollo may now look to exit its position in Lottomatica, having re-listed the Italian gaming firm in 2023.
The IGT-Everi merger marks a major shakeup in the industry, with Apollo once again at the center of a high-stakes consolidation.
