Last updated: August 14, 2024
Apollo Funds is set to acquire IGT’s Gaming and Digital business along with Everi in a $6.3 billion all-cash deal. Post-acquisition, IGT will rebrand as a lottery-focused company, while the merger aims to create a leading, diversified gaming solutions provider. Daniel Cohen of Apollo was ecstatic about the acquisition’s strategic importance.
Apollo Funds has long-term plans of making an all-cash deal to buy IGT’s Gaming and Digital business and Everi, a deal worth approximately $6. 3 billion. This comes after IGT laid out its plan on how it will split its gaming and digital business and combine it with Everi.
In the new structure, IGT Gaming and Everi are to become private companies and join one single company. At the same time, there was IGT, which will transform its image to a pure-play lottery company like Scientific Games did in March 2022 when it rebranded to Light & Wonder and also decided to sell its lottery and sports betting businesses.
Having such strategic investment from Apollo Funds, the idea is to form a significant and more diverse solutions supplier in the gaming sector. The agreement is a testimony that signifies new directions in the strategies that IGT and Everi need to embrace in their business undertakings.
Mr. Daniel Cohen of the Apollo Funds was optimistic about the firm’s prospect of acquiring IGT’s gaming and digital business and Everi. He mentioned that the deal will create a dominant solutions firm and a diversified solutionist at all levels of the gaming spectrum.
Cohen, an experienced player and investor in the gaming and leisure industries, expressed his appreciation of both firms and their highly qualified staff. He emphasized his confidence in their strategic merits and stated further that these two gaming platforms would be more efficient if operated in the private sector.
He also disclosed that the move provides a fulfilment of Apollo’s long-held appreciation for IGT, as well as Everi. He is eager to be in a position to interact with the teams at IGT Gaming and Everi to achieve the growth of the enterprize.
