U.S. Stock Market News | Apollo to Acquire Assets for $6.3 Billion, International Game Technology, Everi Soar Pre-market
Apollo Global Management has agreed to acquire International Game Technology and Everi in an all-cash deal, with a combined valuation of approximately $6.3 billion. International Game Technology surged 19.70% in pre-market trading, while Everi rose 40.26%. Upon completion of the transaction, Everi's stock will delist from the NYSE, and International Game Technology will change its name and stock symbol to focus on lottery business. The deal has received unanimous approval from the boards of both companies and is expected to be completed by the end of the third quarter of 2025
According to the information obtained from Zhitong Finance and Economics APP, Apollo Global Management (APO.US) has agreed to acquire the gambling and digital businesses of International Game Technology (IGT.US) and Everi (EVRI.US) in an all-cash deal, with a combined valuation of approximately $6.3 billion. In response to this news, International Game Technology rose by 19.70% in pre-market trading to $24.13, while Everi surged by 40.26% to $12.82.
It is reported that in February 2024, International Game Technology and Everi signed a definitive agreement. Under the agreement, International Game Technology will spin off its gambling business to shareholders and then immediately merge that business with Everi.
Under the terms of the new agreement, the gambling and digital businesses of International Game Technology and Everi will be simultaneously acquired by a newly established holding company managed by funds under Apollo. The transaction agreement signed by International Game Technology and Everi in February has been terminated.
Everi shareholders will receive $14.25 in cash per share, representing a 56% premium to the previous trading day's closing price. Meanwhile, International Game Technology will receive a total cash consideration of $4.05 billion from its gambling business, a significant portion of which will be used to repay debt and return to shareholders.
The transaction has received unanimous approval from the special committees of the boards of directors of International Game Technology and Everi, and is expected to be completed by the end of the third quarter of 2025.
Upon completion of the transaction, Everi's stock will be delisted from the New York Stock Exchange, and International Game Technology will change its name and stock symbol to become a company focused on the lottery business.
The major shareholder of International Game Technology, De Agostini S.p.A., has committed to making a minority equity investment in the merged entity upon completion of the transaction