Private equity giant Apollo Global Management has finalised its $6.3bn acquisition of International Game Technology’s (IGT) Gaming & Digital business, and Everi Holdings.
The all-cash transaction, announced last year, unites IGT’s legacy gaming assets and Everi’s digital and financial technology operations under one roof.
The newly combined enterprise will be privately held and headquartered in Las Vegas, operating under the IGT name, while selectively retaining the Everi brand across certain markets and product lines.
“This is a defining moment for our industry,” said IGT interim CEO Nick Khin (pictured). “By uniting two leading organisations, we are building an enterprise with the scale, talent and technology to lead the future of gaming.”
The new IGT will be structured into three business segments: Gaming, Digital, and FinTech, promising a more integrated, customer-centric approach across the global gaming landscape.
New CEO to take over in Q4
Khin, formerly COO of IGT, will lead the organisation in the interim and transition into the role of CEO of the Gaming division later this year.
Hector Fernandez, former Everi CEO, is slated to take the helm as CEO of IGT in Q4 2025, following the expiration of a non-compete agreement.
Fernandez is expected to bring his experience in digital expansion and financial systems integration to steer the new entity through its next phase of growth.
Apollo partner Daniel Cohen said the combination creates a “more competitive, agile and well-capitalised platform built for long-term growth.”
“We are confident that IGT is well positioned to deliver differentiated content and capabilities that better serve customers across the globe,” he added.
As part of the deal, Everi shareholders are receiving $14.25 per share in cash. Everi’s stock has now been delisted from the New York Stock Exchange.
Brightstar’s plans
Meanwhile, the sale marks a new chapter for IGT’s former parent company.
In June, the former IGT lottery business rebranded to Brightstar and will now trade on the New York Stock Exchange under the ticker symbol BRSL.
Brightstar is receiving $4.05bn in gross cash proceeds from the deal and has laid out a detailed capital allocation plan.
According to the company, approximately $2bn will go toward debt reduction, while $1.1bn will be returned to shareholders.
A further $500m will be used to help fund payments related to the Italian lottery licence, while the remaining $400m is earmarked for general corporate purposes.
“The sale of the Gaming & Digital business positions Brightstar for an exciting future,” said Brightstar executive chair Marco Sala.
“The balanced allocation of proceeds to significantly reduce debt and return substantial capital to shareholders reflects the Board’s continuing commitment to enhance shareholder value.”
Brightstar CEO Vince Sadusky added: “Today marks an exciting new chapter for the company, one that builds on a long legacy of delivering responsible, sustainable solutions through our products, services, technology, and insights.”
Brightstar expects to maintain a strong balance sheet with a target net debt leverage ratio of around 3.0x, supported by robust cash flow.
