Apollo swoops in to acquire Everi and IGT gaming in $6.3bn deal
Technology tamfitronics Private equity giant Apollo Global will acquire International Game Technology’s (IGT) gaming business and Everi in a combination valued at $6.3bn, superseding the companies' previous merger plans.The deal will see Apollo spin off IGT’s gaming business and merge it with casino technology and payments specialist supplier Everi under one combined enterprise.Everi shareholders will receive $14.25 per share in cash, representing a 56% premium over Everi’s closing share price on 25 July, while IGT will receive $4.05bn in cash. This values the transaction at approximately $6.3bn. IGT-Everi: Sound familiar?The deal comes with a merger of the two businesses already in motion. In February IGT announced plans to merge the Global Gaming and PlayDigital businesses with Everi to create a “comprehensive and diverse” global enterprise.The transaction with the Apollo funds has the unanimous approval of an IGT board special committee and...