July 01, 2025 — 09:00 am EDT

Apollo has finalized a transformative $6.3 billion deal, merging IGT's Gaming & Digital Business with Everi to create a formidable force in the global gaming landscape. This strategic move combines complementary strengths to form a powerhouse in gaming, digital, and financial technology solutions, operating under the IGT banner.

The newly formed entity, headquartered in Las Vegas, will be structured into three core divisions: Gaming, Digital, and FinTech. This organization aims to foster a customer-centric approach, underpinned by a corporate culture that prioritizes collaboration, innovation, and talent development.

Nick Khin, serving as Interim CEO, expressed his enthusiasm about the merger's significance: "We're witnessing a pivotal shift in our industry. By combining these two industry leaders, we're creating an organization with the necessary scale, expertise, and technological prowess to shape the future of gaming. With Apollo's backing, we're exceptionally well-positioned to deliver top-tier content across both land-based and digital platforms, alongside integrated financial solutions and casino management systems that enhance player experiences and drive customer value."

The leadership transition plan remains on track, with Hector Fernandez slated to take the helm as CEO in the fourth quarter of 2025, following the conclusion of a standard non-compete period. In the interim, Khin will guide the organization and subsequently transition to lead IGT's Gaming business unit upon Fernandez's arrival.

Daniel Cohen, Partner at Apollo, shared his perspective on the acquisition: "This merger of highly complementary businesses establishes a more competitive, adaptable, and well-capitalized platform built for sustained growth. We're confident that IGT is now ideally positioned to offer differentiated content and capabilities, better serving clients worldwide. We eagerly anticipate collaborating with Hector, Nick, and the entire talented IGT team to drive the industry forward."

As part of the transaction, Everi's common stock has been removed from the New York Stock Exchange. Everi shareholders have received $14.25 per share in cash, while International Game Technology PLC has been paid $4.05 billion in gross cash proceeds.

Apollo, a leading alternative asset manager, is committed to leveraging this strategic merger to fuel long-term growth and deliver enhanced value to customers on a global scale. The combined entity is poised to capitalize on emerging opportunities in the rapidly evolving gaming and financial technology sectors.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has served as legal counsel to the Apollo Funds throughout this landmark transaction.