IGT renewed FanDuel agreement through 2028
International Game Technology PLC (IGT) renewed its sports betting agreement with FanDuel for an additional four years.IGT and Fanduel started to work together in 2019...
Apollo acquires IGT gaming and Everi
US private equity giant Apollo Global will acquire the gaming business of International Game Technology (IGT) and Everi in a combined deal worth $6.3bn, which is larger than their earlier merger plans.
Everi is merging IGT’s Global Gaming and PlayDigital businesses to eliminate this previous arrangement of having the group on NYSE under IGT. Instead, it will be delisted but IGT’s lottery arm will continue to be quoted under a new name. De Agostini SpA will maintain its minority shareholding in the new company known as IGT-E.
Apollo partner Daniel Cohen said about the business:
“Even better positioned under private ownership to capture the opportunities ahead to grow and create value. The combination creates “a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams.”
Initially, IGT CEO Vince Sadusky was set to lead the new entity, but plans have changed. He will now oversee the separation of gaming operations and transition, remaining CEO of the lottery business. Mike Rumbolz, Everi’s executive chairman, was supposed to stay on as chair, but he’s not mentioned in the Apollo announcement. The new leadership isn’t clear yet, but Fabio Celadon will be the CFO, and Mark Labay will be the chief integration officer. The new business will be based in Las Vegas.
The current IGT chief executive Vince Sadusky, who is also the leader of the new entity, said:
“With the Apollo Funds, we have found a partner that recognises the strength of IGT Gaming, the value of our talent and our position in the industry. This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings.”
Everi president and CEO Randy Taylor thinks that while offering “significant and certain value” for shareholders, the revised agreement preserves the original’s integrity and strategic justification.
He said:
“Apollo is a respected investment firm with a strong track record in the gaming sector and they recognise the value of our business and see significant potential in bringing IGT Gaming and Everi together. Under private ownership, we believe we will be better positioned to accelerate the integration of our two organisations for the benefit of our customers and employees.”
According to the plan, after the declaration is made on the 30th of July, International Game Technology (IGT) would announce its first-half results and have a call with investors. On the other hand, Everi Holdings Inc., an online gambling operator, will make their report by the 9th of August, yet without any investor conference happening.
Before the market opened in New York, ahead of these announcements, shares of Everi increased by 40.15% at $12.81 apiece while those of IGT soared by 16.57% to $23.50 each.
IGT reports strong Q2 results
International Game Technology (IGT) has published its Q2 report, highlighting strong financial results. The revenue for Q2 2024 was reported to be $1.05 billion, a...
