The acquisition by Apollo Global Management of IGT’s Gaming & Digital business and of Everi Holdings Inc has moved one step closer to completion after the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) officially expired.
IGT said the applicable waiting period under the HSR Act expired at 11:59pm US Eastern Time on Wednesday 20 November, satisfying an important condition necessary for the completion of the proposed transaction. The transaction is expected to close by the end of the third quarter of 2025, subject to other conditions and regulatory approvals.
As per the Federal Trade Commission, the HSR Act requires companies to file premerger notifications with the Commission and the Antitrust Division of the Justice Department, establishes waiting periods that must elapse before such acquisitions may be consummated, and authorizes the enforcement agencies to stay those periods until the companies provide certain additional information about the likelihood that the proposed transaction would substantially lessen competition in violation of Section 7 of the Clayton Act.
The acquisition of IGT Gaming and Everi by funds managed by Apollo Global Management was first announced in July as part of a US$6.3 billion deal. IGT and Everi had previously been planning a merger. Apollo is the same firm that purchased The Venetian, Palazzo and Venetian Expo from Las Vegas Sands for US$6.25 billion in 2022.
Under the terms of the new agreements, Everi stockholders will receive US$14.25 per share in cash, representing a 56% premium over the company’s closing share price on 25 July, while IGT will receive US$4.05 billion in gross cash proceeds.
IGT Gaming and Everi will become privately-owned companies as part of one combined enterprise, while IGT’s majority shareholder, De Agostini S.p.A, will take a minority equity investment in the combined enterprise.
