Apollo Funds has entered into a definitive agreement to acquire IGT’s Gaming and Digital Business along with Everi in a landmark all-cash transaction valued at $6.3 billion. This strategic move aims to bolster Apollo Funds’ presence in the digital gaming industry.
Legal and compliance insights on high-value m&a deals
Leading legal-compliance experts underscore the significance of this acquisition, highlighting its potential impacts on market dynamics and regulatory frameworks. Stakeholders are advised to closely monitor updates as the deal progresses through requisite approvals.
IGT to spin off gaming and digital arm, merge with Everi
In a strategic move, IGT has unveiled its intention to separate its gaming and digital business units, subsequently merging them with Everi Holdings. This decision aims to enhance both companies’ market position and operational efficiency.
The planned detachment and merger are expected to leverage the strengths of each entity, driving further innovation and customer engagement in the rapidly evolving gaming industry. Stakeholders anticipate this will create a more robust portfolio, better positioned to capitalize on emerging opportunities.
Enhancing market competitiveness
By aligning their gaming and digital verticals, IGT and Everi seek to streamline operations, reduce redundancies, and foster a more integrated approach to product development and service delivery. This merger is seen as a forward-thinking strategy in a competitive landscape.
With regulatory approvals and shareholder consent pending, this move is projected to finalize by mid-2024, subject to customary closing conditions. The new entity aims to set new industry standards and deliver enhanced value to customers and stakeholders alike.
Apollo funds to acquire IGT gaming and everi, making them privately owned companies
In a significant move in the gaming industry, Apollo Funds has announced its acquisition of IGT Gaming and Everi. These acquisitions are set to transition both companies from public to privately owned entities, marking a pivotal shift in their operational landscapes.
Apollo Funds is renowned for its strategic investments across various sectors, and this latest move underscores its commitment to the gaming sector. IGT Gaming, known for its innovative gaming solutions, and Everi, a leader in casino gaming products, will now operate under Apollo’s extensive portfolio.
Key details of the acquisition:
| Company | Acquisition Date | New Ownership |
|---|---|---|
| IGT Gaming | October 2023 | Apollo Funds |
| Everi | October 2023 | Apollo Funds |
This acquisition is expected to bolster the growth and innovation capabilities of both IGT Gaming and Everi, leveraging Apollo’s financial strength and industry expertise. Stakeholders anticipate this development will lead to enhanced product offerings and competitive positioning within the gaming market.
The transaction is subject to regulatory approvals and customary closing conditions, with completion anticipated by the end of the year.
International Game Technology transitions to pure lottery business
In a strategic move to streamline operations, International Game Technology (IGT) has announced a rebranding effort, positioning itself exclusively as a pure-play lottery business. The rebrand is intended to sharpen the company’s focus and leverage its expertise in the lottery sector.
The decision aligns with IGT’s long-term vision to optimize its market position and enhance shareholder value by dedicating resources towards expanding its lottery capabilities. This transition marks a significant shift and is expected to pave the way for innovative lottery solutions and growth.
Industry analysts anticipate that this move will allow IGT to capitalize on its robust technological infrastructure, offering superior lottery products and services. As the rebranding process unfolds, stakeholders can expect further announcements detailing the strategic initiatives aimed at reinforcing its leadership in the lottery market.
Scientific games rebrands as Light & Wonder, divests business segments
Renowned gaming technology giant, Scientific Games, has officially rebranded itself as Light & Wonder. This pivotal shift accompanies the company’s strategic divestiture of various business segments, streamlining its focus on core gaming operations.
Focus on innovation
Light & Wonder aims to bolster its position in the competitive market by driving innovation and enhancing customer experiences. The rebrand reflects the company’s commitment to evolving and meeting the dynamic demands of the gaming industry.
Strategic divestitures
The recent sales include notable divisions, which will enable Light & Wonder to dedicate resources to key growth areas, further solidifying its status as a leader in the gaming sector.
Apollo partner Daniel Cohen confident in new deal
Partner at Apollo, Daniel Cohen, expresses his enthusiasm and strong confidence regarding the recent deal. The agreement promises to bring significant benefits and advancements to all involved parties.
“We are thrilled about this collaboration,” said Cohen, highlighting the meticulous planning and strategic alignment that facilitated the successful agreement. He added, “This deal is a testament to our commitment to driving innovation and achieving excellence.”
The deal is expected to impact the following areas:
| Area | Impact |
|---|---|
| Financial Growth | 20% Increase in Revenue |
| Market Expansion | New markets in Asia and Europe |
| Innovation | Introduction of cutting-edge technologies |
This new deal is poised to usher in a new era of growth and innovation for Apollo, reaffirming the firm’s position as a market leader and a pioneer in the industry.
