Nevada Regulator Unanimously Approves $6.3 Billion Apollo Acquisition of IGT and Everi
In a decisive move, the Nevada Gaming Control Board (NGCB) has unanimously approved Apollo Global Management’s proposed acquisition of two major gaming industry players, International Game Technology (IGT) and Everi Holdings. Valued at approximately $6.3 billion, the deal is set to significantly alter the competitive landscape of the gaming sector, with completion anticipated by early July. NGCB Apollo Acquisition IGT Everi
Regulatory authorities are progressing toward final approvals, with the Nevada Gaming Commission (NGC) expected to give its consent during a scheduled session on June 26. Similarly, the Pennsylvania Gaming Control Board (PGCB) is anticipated to approve the transaction, paving the way for the deal’s closure on July 1, subject to all remaining regulatory clearances.
Under the terms of the agreement, Apollo will acquire IGT and Everi, transforming them into privately owned entities under the broader Apollo umbrella. Despite the change in ownership structure, IGT will retain its name and branding after the deal closes.
Leadership arrangements are also outlined; Nick Khin, the current President of Global Gaming at IGT, is designated to serve as interim CEO during the transitional period. He is expected to assume full leadership of IGT’s global gaming division once Hector Fernandez completes a non-compete agreement with Aristocrat Gaming later this year. Shareholders of Everi are set to receive $14.25 per share in cash, which values the company at around $2.25 billion. Meanwhile, IGT’s Gaming and Digital segments are valued at approximately $4.05 billion, with Apollo committing up to $20 billion in funding to facilitate the acquisition.
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The Nevada Gaming Control Board has also recommended terminating IGT’s registration as a publicly traded company, marking a substantial shift in the company’s corporate status. Kirk Hendrick, who will resign from his role as NGCB Chairman on June 23, remarked that the approval process was notably smoother due to the familiarity between the regulatory body and the companies involved. In addition to these developments, Nevada Governor Joe Lombardo announced that Mike Dreitzer, CEO of Gaming Arts, will assume the Chairmanship of the NGCB starting April 22, indicating ongoing leadership evolution within the state’s gaming regulatory environment.
As the deal moves toward finalization, industry observers will be watching closely to gauge how Apollo’s strategic integration influences the future trajectory of gaming technology and operations on a global scale.
