Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
The Nevada Gaming Control Board has given initial approval to a major merger deal between International Game Technology (IGT) and Everi Holdings, valued at $6.3 billion. This potential mega-deal could reshape the gaming supplier landscape significantly. The merger is advancing as Apollo Global Management looks to streamline the acquisition of both companies, with a pivotal final ruling expected from the Nevada Gaming Commission on 26 June.
Key Points
- This merger is one of the largest in the gaming sector, potentially closing by the end of June 2025.
- Apollo Global Management is acquiring both IGT and Everi, merging their gaming and financial technology businesses.
- Nick Khin serves as interim CEO, with plans for Hector Fernandez to take over later.
- The merger signals IGT’s strategy to increase competitiveness against rivals like Aristocrat and Light & Wonder.
- Regulatory approvals across several jurisdictions are needed to complete the merger, with focus on compliance due to recent AML violations in the industry.
Why should I read this?
If you’re into gaming industry developments, this merger could mean significant shifts in infrastructure and technology offered to casinos. It’s a big move that could impact not just the companies involved, but the entire supplier market. Plus, the compliance hurdles and industry regulations discussed give a good insight into the behind-the-scenes of massive corporate mergers.
Source: Nevada Board Gives Initial Approval to IGT-Everi Megadeal