Apollo completed a $6.3 billion acquisition of IGT's Gaming & Digital Business and Everi, forming a global gaming leader.
Quiver AI Summary
Apollo has successfully completed its acquisitions of International Game Technology PLC’s Gaming & Digital Business and Everi Holdings Inc. for approximately $6.3 billion, creating a leading global entity in gaming, digital, and financial technology solutions, named IGT. The combined company will operate out of Las Vegas and be structured into three units: Gaming, Digital, and FinTech, aiming for a customer-centric approach supported by a culture of collaboration and innovation. Interim CEO Nick Khin emphasized the strategic importance of this merger for the future of the gaming industry, while Hector Fernandez is set to take over as CEO later in 2025. Following the acquisition, Everi's stock has been delisted from the NYSE, with shareholders receiving $14.25 per share in cash. Apollo, a prominent alternative asset manager, is committed to leveraging this merger for long-term growth and delivering enhanced value to customers globally.
Potential Positives
- Completion of a $6.3 billion acquisition aligns two leading organizations in the gaming and financial technology sectors, enhancing market presence and competitive positioning.
- The integration of International Game Technology and Everi is set to create a globally recognized leader in gaming solutions, improving product offerings and driving growth opportunities.
- The formation of IGT's three focused business units—Gaming, Digital, and FinTech—promotes a customer-centric approach, which is likely to enhance customer relationships and satisfaction.
- The transition plan for leadership, with Hector Fernandez expected to take over as CEO, signals stability and continuity during the integration process.
Potential Negatives
- The acquisition involves a significant cash outlay of approximately $6.3 billion, which may raise concerns about the financial stability and liquidity of the newly formed entity, especially in light of potential unexpected costs and market fluctuations.
- Everi Holdings Inc. has been delisted from the New York Stock Exchange, which may negatively impact investor confidence and the public perception of the company's market standing.
- The forward-looking statements section highlights substantial risks and uncertainties, suggesting that the anticipated benefits of the acquisitions may not be realized, which could lead to disappointed stakeholders and potential financial underperformance.
FAQ
What companies are involved in the acquisition by Apollo?
Apollo has acquired International Game Technology PLC's Gaming & Digital Business and Everi Holdings Inc.
What is the total value of the Apollo acquisition?
The acquisition is valued at approximately $6.3 billion in an all-cash transaction.
What name will the combined enterprise operate under?
The combined enterprise will operate under the IGT name while retaining the Everi brand in select markets.
Who will lead IGT after the acquisition?
Hector Fernandez is expected to become CEO in the fourth quarter of 2025, succeeding Interim CEO Nick Khin.
How will IGT's business units be organized?
IGT will be organized into three business units: Gaming, Digital, and FinTech.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$APO Insider Trading Activity
$APO insiders have traded $APO stock on the open market 7 times in the past 6 months. Of those trades, 2 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $APO stock by insiders over the last 6 months:
- LEON D BLACK has made 0 purchases and 3 sales selling 1,107,725 shares for an estimated $138,698,529.
- 2018 GST TRUST LB purchased 607,725 shares for an estimated $67,697,526
- MARTIN KELLY (Chief Financial Officer) has made 0 purchases and 2 sales selling 9,000 shares for an estimated $1,321,650.
- PAULINE RICHARDS purchased 550 shares for an estimated $78,071
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$APO Hedge Fund Activity
We have seen 598 institutional investors add shares of $APO stock to their portfolio, and 524 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- TIGER GLOBAL MANAGEMENT LLC removed 6,062,828 shares (-49.4%) from their portfolio in Q1 2025, for an estimated $830,243,666
- CAPITAL WORLD INVESTORS removed 3,419,521 shares (-10.8%) from their portfolio in Q1 2025, for an estimated $468,269,205
- PRICE T ROWE ASSOCIATES INC /MD/ removed 3,252,243 shares (-50.4%) from their portfolio in Q1 2025, for an estimated $445,362,156
- BOSTON PARTNERS added 2,719,021 shares (+inf%) to their portfolio in Q1 2025, for an estimated $372,342,735
- BRAVE WARRIOR ADVISORS, LLC removed 2,277,466 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $376,146,284
- MARINER, LLC added 1,760,213 shares (+487.1%) to their portfolio in Q1 2025, for an estimated $241,043,568
- BLACKROCK, INC. added 1,721,617 shares (+5.0%) to their portfolio in Q1 2025, for an estimated $235,758,231
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$APO Analyst Ratings
Wall Street analysts have issued reports on $APO in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Cowen & Co. issued a "Buy" rating on 05/05/2025
- Wells Fargo issued a "Overweight" rating on 03/20/2025
To track analyst ratings and price targets for $APO, check out Quiver Quantitative's $APO forecast page.
Full Release
NEW YORK and LAS VEGAS, July 01, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced the completion of the previously announced acquisitions of International Game Technology PLC’s (doing business as “Brightstar Lottery”) Gaming & Digital Business and Everi Holdings Inc. ("Everi") by a holding company owned by funds managed by Apollo affiliates (the "Apollo Funds"). The all-cash transaction, valued at approximately $6.3 billion, brings together complementary businesses to form a privately held global leader in gaming, digital and financial technology solutions.
The two companies will be integrated into a combined enterprise in the coming months. Headquartered in Las Vegas, the combined enterprise will operate under the IGT name, while retaining the Everi brand in select markets and product lines. IGT will be organized into three business units: Gaming , Digital and FinTech , creating a customer-first enterprise supported by a people-first culture that values talent, collaboration and innovation.
“This is a defining moment for our industry,” said Nick Khin, Interim CEO of IGT. “By uniting two leading organizations, we are building an enterprise with the scale, talent and technology to lead the future of gaming. With Apollo’s support, we are very 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 and drive value for our customers. I’m honored to be part of this exciting chapter and to help shape the future of IGT.”
As previously announced, Hector Fernandez is expected to assume the role of CEO of IGT in the fourth quarter of 2025, following the expiration of a customary non-compete period. Until then, Mr. Khin will lead the organization and transition into the role of CEO of IGT’s Gaming business unit upon Mr. Fernandez’s arrival.
“Bringing together highly complementary businesses creates a more competitive, agile and well-capitalized platform built for long-term growth,” said Daniel Cohen, Partner at Apollo. “We are confident that IGT is well positioned to deliver differentiated content and capabilities that better serve customers across the globe. We look forward to working closely with Hector, Nick and the rest of the talented IGT team to lead the industry forward.”
Effective today, Everi common stock has been delisted from the New York Stock Exchange. Everi stockholders are receiving $14.25 per share in cash, and International Game Technology PLC is receiving $4.05 billion of gross cash proceeds.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.
About IGT
IGT is a leading global provider of gaming, digital and financial technology solutions, formed through the combination of International Game Technology PLC’s Gaming & Digital Business and Everi Holdings Inc. IGT’s offering spans gaming machines, game content and systems, iGaming, sports betting, cash access, loyalty and player engagement solutions, enabling it to deliver integrated, customer-centric experiences across land-based and digital environments. Organized into Gaming, Digital and FinTech business units, IGT drives innovation, efficiency and value for casino, digital and hospitality operators worldwide. The company is headquartered in Las Vegas.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com .
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “project,” “should,” “will,” and “would” and the negative of these terms or other similar expressions. In addition, all statements regarding IGT’s business following its acquisition by the Apollo Funds are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among other things, risks related to the ability to realize the anticipated benefits of the acquisitions; the ability to retain and hire key personnel; unexpected costs, charges or expenses resulting from the acquisitions; risks related to competition in the gaming and lottery industries; dependence on significant licensing arrangements, customers, or other third parties; economic changes in global markets, such as currency exchange, inflation and interest rates, and recession; government policies (including policy changes affecting the gaming industry, taxation, trade, tariffs, immigration, customs, and border actions) and other external factors that IGT cannot control; regulation and litigation matters relating to the acquisitions; unanticipated adverse effects or liabilities from business divestitures; risks related to intellectual property, privacy matters, and cyber security (including losses and other consequences from failures, breaches, attacks, or disclosures involving information technology infrastructure and data); other business effects (including the effects of industry, market, economic, political, or regulatory conditions); and other risks and uncertainties. Neither IGT nor the Apollo Funds intends to update or revise any forward-looking statements as a result of new information or future events or developments, except as required by law.
Contacts
For IGT
Phil O’Shaughnessy
VP Global Communications, Government Relations & Sustainability
Toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
[email protected]
For Apollo
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
[email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
[email protected]