Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for a significant corporate merger involving IGT and Everi, orchestrated by Apollo Global Management. This merger could transform the gaming supplier sector and is expected to close by the end of the month.
IGT’s gaming solutions will merge with Everi’s financial technology to create a powerful new entity. Apollo is positioning itself to enhance the competitive edge of IGT in light of strong competitors while spinning off IGT’s lottery business into a separate public company.
Key Points
- The merger, valued at $6.3 billion, is one of the largest in the gaming industry and has received unanimous initial approval.
- The new entity will remain under the IGT name while it takes Everi’s financial technology private.
- Apollo aims to close the competitive gap with major firms like Aristocrat and Light & Wonder by driving long-term value creation.
- The completion of the agreement requires approvals from eight more jurisdictions, with the Nevada Gaming Commission’s final ruling scheduled for 26 June.
- This merger follows an unusual scenario where Everi and IGT had previously agreed to merge on their own, which was altered by Apollo’s involvement.
Why should I read this?
If you’re in the gaming industry or follow corporate mergers, this article is a must-read! It details a pivotal moment in the gaming supply landscape that could redefine how companies operate and compete. We’ve distilled the complexities for you, so you can stay ahead in understanding the potential shifts in market dynamics.