Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for a significant merger between International Game Technology (IGT) and Everi Holdings. This merger, orchestrated by Apollo Global Management, involves a $6.3 billion acquisition and aims to reshape the gaming supplier landscape.
Key Points
- The merger is expected to close by the end of June 2025, pending final approvals.
- Once finalised, the merged company will operate under the IGT name, but it will be taken private.
- The deal combines IGT’s gaming operations with Everi’s financial technology business.
- Nick Khin, current president of IGT, will serve as interim CEO until Hector Fernandez steps in.
- Fitch Ratings predicts strong performance for the new entity, anticipating more cross-selling opportunities.
Why should I read this?
If you’re invested in the gaming industry or just keen on corporate mergers, this article is definitely worth your time. It sheds light on a massive shift in the gaming supplier landscape, detailing how this megadeal could redefine industry dynamics and opportunities. Plus, understanding the regulatory process can give you a glimpse into the future growth and strategies of these leading companies.