Apollo Global has completed its $6.3bn acquisition of Everi Holdings and the Gaming & Digital division of IGT, creating a new privately held global player in gaming, digital and financial technology under the IGT brand.

The all-cash transaction combines two of the sector’s leading companies into a consolidated platform structured around three core business units: Gaming, Digital, and FinTech.

Headquartered in Las Vegas, the newly formed company will retain the Everi brand in select markets but operate primarily under the IGT name. The acquisition was first announced in July 2024 and approved by Everi shareholders in November.

“This is a defining moment for our industry,” said Nick Khin, Interim CEO of IGT. “By uniting two leading organisations, we are building an enterprise with the scale, talent and technology to lead the future of gaming.

“With Apollo’s support, we are well-positioned to deliver exceptional content across land-based and digital experiences, along with integrated financial solutions and casino management that enhance the player journey.”

Under the deal terms, Everi shareholders receive $14.25 per share in cash. Meanwhile, IGT, which divested its Gaming & Digital division, receives $4.05bn in gross proceeds. The separation also saw IGT’s global lottery business rebranded and relaunched under the name Brightstar Lottery, operating independently from the new IGT structure.

Apollo Partner Daniel Cohen described the deal as a transformational opportunity: “Bringing together highly complementary businesses creates a more competitive, agile and well-capitalised platform built for long-term growth. We are confident that IGT is well-positioned to deliver differentiated content and capabilities that better serve customers across the globe.”

Cohen also confirmed Apollo’s commitment to working closely with incoming CEO Hector Fernandez – who will step into the role in Q4 2025 following a non-compete period – alongside Khin, who will then transition to lead the Gaming business unit.

The new IGT is expected to leverage its enlarged footprint to drive efficiencies and innovation across both land-based and digital verticals, strengthening its position as a key partner to regulated gaming markets and casino operators worldwide.

In broader industry news, Apollo is also reported to be exploring a full exit from Lottomatica SPA, the Italian betting and gaming giant it re-listed on the Milan Borsa in 2023. 

The private equity firm initially acquired Lottomatica via its portfolio company Gamenet and later took the combined group public. The move to sell down its remaining stake suggests Apollo may be rotating capital following the IGT-Everi consolidation.With its latest acquisition, Apollo continues to cement its reputation as one of the most active private equity players in global gaming. The firm previously acquired Great Canadian Gaming, Everi, and Lottomatica, and had a controversial history with Caesars Entertainment during its post-LBO restructuring.

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