Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for the IGT-Everi merger, which could significantly alter the gaming supplier landscape. Apollo Global Management’s $6.3 billion acquisition aims to merge IGT’s gaming business with Everi’s technology services, with a focus on enhancing operational efficiencies and driving growth.
Representatives from IGT and Everi presented to the board, with IGT’s Nick Khin seeking approval as interim CEO of the new entity. The board’s unanimous approval is a crucial step, with final rulings expected on 26 June.
Key Points
- The merger is valued at $6.3 billion and aims to reshape the gaming supplier sector.
- The board approved Apollo’s acquisition of IGT and Everi unanimously.
- IGT will retain its name while its lottery business is spun off as a separate entity.
- The merger is set to close by the end of June, pending regulatory approvals in other jurisdictions.
- The combined entity is expected to leverage cross-selling opportunities across a larger gaming portfolio.
Why should I read this?
This article touches on a major industry shift with significant implications for the gaming sector. If you’re involved in gaming technology or investment, this is a must-read. The merger could redefine competitive dynamics, making it essential to stay informed on where the industry is headed.
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