News Summary
Apollo Global Management has completed a $6.3 billion acquisition of International Game Technology’s gaming and digital divisions, moving IGT’s headquarters back to Las Vegas. This strategic move positions Apollo to strengthen its footprint in the gaming, digital, and fintech sectors while enhancing operational efficiency with the purchase of Everi Holdings. The newly formed IGT will focus on three business units—Gaming, Digital, and FinTech—with Nick Khin as interim CEO. The merger signifies a pivotal moment in the gaming industry, fostering innovation and improved player experiences.
Las Vegas – Apollo Global Management Inc. has successfully finalized its acquisition of the gaming and digital divisions of International Game Technology (IGT) in a landmark deal valued at $6.3 billion. This all-cash purchase positions Apollo to establish a formidable presence in the global gaming, digital, and financial technology sectors, moving IGT’s headquarters back to Las Vegas.
The acquisition returns IGT to its roots in Las Vegas after spending the last ten years based in Italy. Originally founded in Reno in 1975, IGT carved a niche as a leading slot machine manufacturer before relocating its headquarters to London in 2014. The merger not only revives IGT’s presence in Las Vegas but also strengthens its operational capabilities in the U.S. gaming market.
In conjunction with the acquisition of IGT, Apollo has also purchased Everi Holdings, a Las Vegas-based equipment manufacturer. This strategic move is expected to bolster IGT’s portfolio and create synergies between the two companies, enhancing overall operational efficiency.
The newly formed entity will retain the IGT brand for its operations, while the Italian lottery division will be rebranded as Brightstar Lottery. The merger results in a streamlined structure for IGT, now divided into three distinct business units: Gaming, Digital, and FinTech. This streamlined approach aims to deliver innovative solutions and optimize the player experience.
As part of this transition, Nick Khin, a prominent executive with extensive experience in the Nevada gaming industry, has been appointed as interim CEO of the new IGT. He will oversee approximately 2,000 employees in Nevada, focusing on integrating operations efficiently during this period of change. The definitive leadership transition is expected to take place in the fourth quarter of 2025, when former Aristocrat Gaming CEO Hector Fernandez is set to officially assume the role of CEO at IGT after completing a non-compete agreement.
The acquisition was subject to scrutiny from 36 regulatory agencies, with one of the final approvals granted by the Nevada Gaming Commission. This rigorous examination underscores the significance of this merger within the gaming landscape. As part of the deal, Everi Holdings will see its stock delisted from the New York Stock Exchange, with shareholders to receive $14.25 per share in cash.
The CEO of IGT has described the merger as a “defining moment for our industry.” The primary goal of this merger is to enhance the player journey, focusing on innovation and the development of next-generation gaming experiences. By combining the strengths of both companies, Apollo and IGT aim to foster an environment for expanded growth and enhance their competitiveness in the ever-evolving gaming market.
This merger marks a pivotal restructuring within the gaming industry, as two major players unite to harness their combined resources and expertise. Apollo’s acquisition of IGT is anticipated to yield significant advancements in technology and service offerings, ultimately benefiting consumers and stakeholders in the gaming sector.
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Additional Resources
- Las Vegas Review-Journal
- Wikipedia: International Game Technology
- iGaming Business
- Google Search: Apollo acquisition of IGT
- Yogonet
- Encyclopedia Britannica: Gaming
- Gaming America
- Google News: Apollo completion of acquisition of IGT
- Indian Gaming
