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 July 25, while IGT will receive $4.05bn in cash cash proceeds. 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 from an IGT board special committee, and the backing of Everi’s board of directors. As a result the previous transaction agreement between IGT and Everi are terminated.
More to follow…
Original article: https://igamingbusiness.com/strategy/ma/igt-everi-apollo-acquisition/
