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IGT’s Gaming and Digital Business and Everi to Be Acquired Simultaneously by Apollo Funds in All-Cash Transaction
International Game Technology PLC (NYSE: IGT) (“IGT”) and Everi Holdings Inc. (NYSE: EVRI) (“Everi”) today announced that they have entered into definitive agreements whereby IGT’s Gaming & Digital business (“IGT Gaming”) and Everi will be simultaneously acquired by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo”) (the “Apollo Funds”) in an all-cash transaction that values the acquired businesses at approximately $6.3 billion on a combined basis.
On February 29, 2024, IGT and Everi announced that they had entered into definitive agreements pursuant to which IGT would separate the IGT Gaming business by way of a taxable spin-off to IGT shareholders and then immediately combine such business with Everi. Under the terms of the new agreements, the Apollo Funds will acquire IGT Gaming and Everi. Following closing, IGT Gaming and Everi will be privately owned companies that are part of one combined enterprise.
Under the terms of the new agreements, Everi stockholders will receive $14.25 per share in cash, representing a 56% premium over Everi’s closing share price on July 25, 2024. IGT will receive $4.05 billion of gross cash proceeds for IGT Gaming. IGT expects significant portions of the cash proceeds to be used to repay debt and to be returned to shareholders.
De Agostini S.p.A., a società per azioni organized under the laws of Italy, the majority shareholder of IGT, has committed to make a minority equity investment in the combined enterprise at the closing of the transaction.
Upon completion of the sale of IGT Gaming to the Apollo Funds, IGT will change its name and stock ticker symbol, becoming a premier pure play lottery business.
The transaction with the Apollo Funds has been unanimously approved by a special committee of the IGT Board of Directors and unanimously approved by all members of the Everi Board of Directors, and the previous transaction agreements between IGT and Everi entered into on February 28, 2024 have been terminated.
Vince Sadusky, IGT PLC CEO, said, “Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year. With the Apollo Funds, we have found a partner that recognizes 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. After the closing of this transaction, IGT’s shareholders will continue to own one hundred percent of IGT’s Global Lottery business, which will be positioned for long-term success as a pure-play global lottery player with a more focused, compelling business model and optimized capital structure to drive long-term shareholder value.”
Randy Taylor, Everi President and CEO, added, “We believe this transaction maintains the integrity and strong strategic rationale of our original agreement with IGT, but now also provides significant and certain value to our stockholders as we move forward with the Apollo Funds as our partner. By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry. Apollo is a respected investment firm with a strong track record in the gaming sector, and they recognize 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 organizations for the benefit of our customers and employees.”
Daniel Cohen, Partner at Apollo, stated, “We are excited to reach this agreement with IGT and Everi, which establishes 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. We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value. We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward.”
Apollo has a strong track record of successful current and former investments across leisure, including in the gaming and entertainment sectors.
Leadership, Governance & Structure
IGT PLC CEO Vince Sadusky will oversee the separation of IGT Gaming and support the transition through transaction completion. Post-closing, Mr. Sadusky will continue in his role, leading the lottery-focused company under its new name and stock ticker symbol. Following the acquisitions of IGT Gaming and Everi by the Apollo Funds, current IGT EVP Strategy and Corporate Development, Fabio Celadon, will serve as CFO, and current Everi CFO, Mark Labay, will assume the role of Chief Integration Officer, of the combined enterprise. The newly formed combined enterprise will be headquartered in Las Vegas.
In addition, upon closing of the transaction, the shares of common stock, par value $0.001 per share, of Everi will be delisted from the New York Stock Exchange.
Approvals and Timing
The acquisitions of IGT Gaming and Everi by the Apollo Funds are cross-conditioned. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals and approval by Everi stockholders, and is expected to be completed by the end of the third quarter of 2025. IGT shareholder approval is not required for the transaction.
Upcoming Second Quarter 2024 Earnings Results
IGT will release its second quarter 2024 financial results and hold its earnings conference call as planned on July 30, 2024 at 8:00 a.m. ET.
Everi will release its second quarter 2024 financial results no later than August 9, 2024. In light of this transaction with Apollo, Everi will not host an earnings conference call.
Advisors
Macquarie Capital, Deutsche Bank, and Mediobanca are serving as financial advisors to IGT, and Sidley Austin LLP, White & Case LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to IGT.
Global Leisure Partners LLC is serving as the exclusive financial advisor to Everi, and Houlihan Lokey provided additional financial advice to Everi’s Board of Directors. Pillsbury Winthrop Shaw Pittman LLP is serving as legal counsel to Everi.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.
Deutsche Bank and Macquarie Capital are providing financing commitments for the transaction.
The post IGT’s Gaming and Digital Business and Everi to Be Acquired Simultaneously by Apollo Funds in All-Cash Transaction appeared first on European Gaming Industry News.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Two of Alabama’s leaders in the hospitality and tourism industry — Wind Creek Hospitality, owned by the Poarch Band of Creek Indians, and the McGregor family, owners of Birmingham Racecourse and Casino and Victoryland Casino — announced that they have entered into an agreement under which Wind Creek will acquire the Birmingham Racecourse. The sale is expected to be finalised by early 2025.
Kaizen Gaming Colombia, owner of the Betano.co brand, was authorised by Coljuegos to operate online betting in the country. With this new operator, there are now 16 web platforms that have the approval of the entity to market games of chance online. The entity is also in the process of authorising an additional operator called Bingo Casino, which is expected to begin offering bets in the coming weeks.
Gaming Laboratories International has become the first laboratory to achieve accreditation in Maranhão, Brazil. The accreditation allows GLI to perform tests and certification for the gambling and lottery industry interested in working with lottery and fixed-odds betting operators in the state of Maranhão. The milestone is the latest in a series of regulatory achievements for GLI in Brazil.
BetConstruct has announced their participation at this year’s GAT Caribbean Cancún that takes place in Mexico from November 26-28. Taking place at the Cancún International Centre, the GAT Caribe Cancú is a prestigious event that gathers manufacturers, operators and marketers to broaden the horizons of the online and land-based markets in Mexico, the Caribbean region and Central America.
Legendz Social Casino & Sportsbook announced its highly anticipated launch, offering players an unparalleled social gaming experience across 43 states in English and Spanish language. With a vast array of games, innovative features and a player-first philosophy, Legendz is set to redefine the online social and sweepstakes gaming landscape.
Partnerships
International Game Technology PLC has announced that it has launched its first wide-area progressive (WAP) compatible game in Colombia with the all-new Condor Link. Players across the country now have the opportunity to spin for large-scale WAP jackpots at nine properties operated by Winner Group Cirsa, one of Colombia’s largest gaming operators. Delivering a highly engaging entertainment experience to the gaming floor, IGT’s Condor Link game features four jackpot levels and a reset value of 75,000,000 Colombian Pesos (COP).
Cisco and MGM Resorts International announced that the companies have signed a Whole Portfolio Agreement (WPA), empowering MGM Resorts with the majority of Cisco’s software portfolio. This includes cybersecurity, software defined networking, software defined-WAN, digital experience assurance, full-stack observability, data centre and services. This agreement spans 5.5 years, benefiting guests and employees across all of MGM Resorts’ properties.
Endorphina has entered into a partnership with Luckia, a leading company in the gaming sector. Combining Endorphina’s passion for slots with Luckia’s innovative spirit, this partnership is set to provide incredible gaming experiences to all iGaming enthusiasts. Luckia is a commercial brand of Luckia Gaming Group that combines offline and online gaming, including traditional businesses such as gaming machines in bars and restaurants and gaming arcades, new online gaming activities and land-based sports betting.
The post Gaming Americas Weekly Roundup – November 18-24 appeared first on European Gaming Industry News.
PokerStars is thrilled to introduce its latest online slot game, Power Path Lucky Reels, where players can win Power Path tickets and passes worth up to $10,300 at any time during gameplay.
This innovative slot game offers players an exciting new way to secure Power Path Passes and access some of PokerStars’ most prestigious poker experiences.
Key Features of Power Path Lucky Reels:
- Random Drops for Big Wins: Power Path Lucky Reels randomly awards prizes during gameplay, meaning any spin can result in a win.
- Exciting Rewards: Players can win a range of prizes, from Step 1 Tickets to coveted Gold Power Passes worth $10,300.
- Your Path to Poker Glory: Secure your Power Path Pass and take a step closer to exclusive poker opportunities.
“Any Spin Can Win”
Players simply spin and play as usual, and on any spin, a Power Path Prize could drop, giving them an instant shot at poker glory.
Rewards Available:
- Step 1 Ticket
- Step 2 Ticket
- Step 3 Ticket
- Step 4 Ticket
- Power Path Bronze Pass
- Power Path Silver Pass
- Power Path Gold Pass ($10,300 value)
Power Path Lucky Reels launches November 25th, exclusively in the PokerStars client. Don’t miss this exciting opportunity to play, spin, and win your way to unforgettable poker experiences.
For more details, please contact [email protected].
More information on responsible gaming can be found by visiting: pokerstars.com/about/responsible-gaming/
For PokerStars UK: Offer runs until August 25, 2025. Power Path Lucky Reels only. Initial opt-in required. Unopened Chests and rewards expire in 72 hours. Terms apply and more information about the Terms and Conditions for the promotion on PokerStars UK can be found by visiting: pokerstars.uk/poker/promotions/terms/?language=en
The post POKERSTARS UNVEILS POWER PATH LUCKY REELS SLOT: SPIN YOUR WAY TO EXCITING REWARDS appeared first on European Gaming Industry News.
After a thrilling Grand Final, T1 claimed the 2024 off-season champions title at this year’s Red Bull Home Ground. Emerging victorious with a 3-1 victory over Cloud9, they take home the much-coveted trophy for Korea.
In front of more than 2000 fans experiencing the excitement first-hand in Berlin, Germany and the thousands more watching at home, the professional VALORANT Invitational tournament saw a closely fought finale play out on the Arena Berlin stage.
As the event kicked off on Thursday 21 November, the Group Stages saw both T1 and Cloud9 put in dominant performances as they each went 2-0. While Team Heretics started in a strong position with a win over FOKUS, they fell to Cloud9 and, due to medical issues, were unable to continue, sending FUT Esports straight to the Semis. Vying for their own spot in the semi finals, last year’s champions Fnatic were unable to replicate their 2023 success as G2 headed into the lead with a 2-0 victory.
The Playoffs saw Cloud9 continue their dominant streak as their Semifinals match against G2 Esports went 2-0 with strong performances on both Sunset and Pearl. FUT Esports faced off against T1 in a hotly competitive game, with T1 taking the first map and FUT Esports the second. After a neck and neck showdown, T1 finally took Ascent as FUT bowed out the tournament and T1 advanced to the grand final.
The final stage of the competition saw Cloud9, who came in second place at last year’s tournament, go head to head against T1 in a thrilling matchup. Continuing to step it up in the grand final, T1 were off to a strong start as they took Abyss in a closely fought first match. Although Cloud9 soon equalled the score as they took the second map, it was T1 that eventually emerged victorious, winning the next two closely contested games to claim the trophy and Red Bull Home Ground 2024 champion title.
Following an excellent performance throughout the tournament, Red Bull Home Ground champion BuZz of T1 said: “Winning this tournament means a lot for us. Against international teams we show we’re strong, so that’s why I’m happy we win this tournament and maybe we can keep this momentum until the end of 2025!”
The post T1 claims victory at Red Bull Home Ground 2024 appeared first on European Gaming Industry News.
Gaming Americas Weekly Roundup – November 18-24
POKERSTARS UNVEILS POWER PATH LUCKY REELS SLOT: SPIN YOUR WAY TO EXCITING REWARDS
T1 claims victory at Red Bull Home Ground 2024
ELA Games Signs Exciting Partnership with Rootz to Introduce Its Portfolio to New Audiences
CryptoWins Celebrates One-Year Milestone with Birthday Month Bonuses and New Slot Launch: Wild Alaska
CT Interactive Achieves A1 Certification for Greece
Betsoft Unveils Exclusive Adventure in Coins of Slotshammer – Hold & WinTM for SlotsHammer
Three Nigerian Tennis Players Suspended Under Tennis Anti-Corruption Programme
FeedConstruct Announces New Partnership with Betinvest
PayBy Awarded Gaming-related Vendor License from the GCGRA
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