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Apollo to buy IGT Gaming and Everi in $6.3bn deal
(Sharecast News) - Apollo Global Management has agreed to buy International Game Technology's gaming and digital business - IGT Gaming - and gambling machines firm Everi Holdings in a $6.3bn cash deal. Back in February, IGT and Everi announced that they had entered into definitive agreements whereby IGT would separate its gaming and digital business by way of a taxable spin-off to IGT shareholders and then immediately combine the business with Everi.
Under the terms of the deal with Apollo announced on Friday, Everi shareholders will receive $14.25 per share in cash, which is a 56% premium to the closing share price on Thursday. Meanwhile, IGT will receive $4.05bn of gross cash proceeds for IGT Gaming.
IGT expects significant portions of the cash proceeds to be used to repay debt and to be returned to shareholders.
Vince Sadusky, chief executive of IGT, said: "Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year.
"With the Apollo Funds, we have found a partner that recognises the strength of IGT Gaming, the value of our talent and our position in the industry. This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings."
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