International Game Technology and its controlling stockholder De Agostini S.p.A. in the $6.3 billion all cash sale of IGT’s Gaming & Digital business and Everi Holdings, Inc. to funds managed by affiliates of Apollo
On July 26, 2024, International Game Technology PLC (NYSE: IGT) and Everi Holdings Inc. (NYSE: EVRI) announced that they have entered into definitive agreements whereby IGT’s Gaming & Digital business and Everi will be simultaneously acquired by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) in an all-cash transaction that values the acquired businesses at approximately $6.3 billion on a combined basis.
In February, IGT and Everi announced that they had entered into definitive agreements pursuant to which IGT would separate the IGT Gaming business by way of a taxable spin-off to IGT shareholders and then immediately combine such business with Everi. The previous transaction agreements between IGT and Everi have been terminated. Under the terms of the new agreements, the Apollo Funds will acquire IGT Gaming and Everi. In connection with this transaction, De Agostini S.p.A., the majority shareholder of IGT, has committed to make a minority equity investment in the combined enterprise at the closing of the transaction.
Wachtell, Lipton, Rosen & Katz is serving as counsel to IGT and its controlling shareholder De Agostini S.p.A.