Asset management giant Apollo announced overnight that it has completed the acquisition of FinTech firm Everi Holdings and the Gaming and Digital businesses of International Game Technology (IGT). The two companies will be combined into a single enterprise operating under the IGT name.
In a brief statement, Apollo confirmed that a holding company owned by funds managed by its affiliates had completed the US$6.3 billion all-cash transaction, bringing together “two complementary businesses to form a privately held global leader in gaming, digital, and financial technology solutions.”
Following the acquisition, Apollo stated that it will soon integrate the two businesses into a combined enterprise headquartered in Las Vegas. The new company will operate under the IGT name while retaining the Everi brand in select markets and product lines.
The new IGT will be organized into three business units: Gaming, Digital, and FinTech, it added.
“This is a defining moment for our industry,” said Nick Khin, Interim CEO of IGT. “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.”
Khin will lead the newly merged entity until the fourth quarter of this year, when Hector Fernandez – former CEO of Aristocrat Gaming – completes a customary non-compete period. Khin will then transition into the role of CEO of IGT’s Gaming business unit.
“Bringing together highly complementary businesses creates a more competitive, agile and well-capitalized platform built for long-term growth,” said Daniel Cohen, Partner at Apollo. “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.”
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