Latest News
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.
Latest News
ASUS ROG BECOMES THE OFFICIAL PARTNER OF TEAM VITALITY
Leading French club Team Vitality and ASUS Republic Of Gamers (ROG), an iconic global brand in the gaming technology industry, are pleased to announce their partnership until the end of 2026. The partnership includes the use of ROG’s industry-leading peripherals including keyboards, mice, mice mats & headsets for Team Vitality’s elite Counter-Strike 2 and VALORANT rosters.
United by a shared ambition, the two entities aspire to reach the top of the podiums at the biggest international esports competitions, with ROG’s products providing advanced technology and unparalleled quality for the club’s FPS teams.
TEAM VITALITY ROSTERS POWERED BY PERIPHERALS LEADER
Team Vitality is delighted to welcome ROG as an official partner. During competitions, ROG logo will be included on the left sleeve of the official jerseys of the CS2 and VALORANT teams.
ROG, recognized as an essential reference in the world of esports, offers equipment that combines durability, performance, ergonomics, and precision – essential qualities to excel at the highest level. The brand has already supported prestigious esports teams.
Official Team Vitality player gear includes:
- The ROG Delta II headset, guaranteeing clear and flawless communication.
- ROG Keris II Ace mouse, offering unrivaled precision and comfort with a pro-approved shape and leading technology.
- ROG Hone Ace XXL mouse pad, providing players with a wide surface for movement consistency and control.
- The ROG Falchion ACE HFX keyboard, incorporating Rapid Trigger technology, specially designed for gamers.
These products will allow gamers to achieve optimal performance: ultra-responsive keyboards, high-precision mice adapted to different gaming strategies, and headsets ensuring impeccable communication.
Aiming to establish new standards for players and fans worldwide, the collaboration will series of exciting activations that will be carried out throughout the year during key international events, bringing together esports enthusiasts, Team Vitality supporters, and the broader gaming community
Over the course of the year, the club will integrate ROG into its communications, particularly on its X accounts dedicated to Counter-Strike and VALORANT, as well as across its other social media platforms
“We are delighted to welcome such a prestigious brand as ROG to Team Vitality! This partnership mirrors our standards and ambitions: to equip our players and our staff with cutting-edge peripherals, offering precision, responsiveness, and comfort, whilst also supporting our international development strategy. 2025 is going to be an exciting year for VALORANT and CS2, and this partnership will guarantee unmissable activations for all our fans.” explains Nicolas Maurer, CEO of Team Vitality.
“We are proud to collaborate with Team Vitality, an organization that shares our values of excellence and innovation. This partnership offers us a unique opportunity to be closer to professional players, enabling us to further understand their needs and refine our products to meet the highest expectations. Together, we want to inspire the gaming community and help elevate esports to greater heights,” stated Kris Huang, General Manager of the ROG Gaming Gear and Accessory Business Unit.
AIMING FOR NEW HEIGHTS IN THE ESPORTS SCENE
Following a successful 2024, Team Vitality aspires to reach even greater heights in 2025. The partnership with ROG unlocks a range of opportunities to enhance the club’s global visibility and further its ambitious goals on the world stage.
This year’s international esports calendar features unmissable events for fans, including the two CS2 Majors and the VALORANT Champions, which will be held in Paris next September. With star-studded roasters boasting talents such as Derke, Sayf, zywOo, and apEX, Team Vitality is ready to shine and offer ROG unprecedented visibility among its global community of 13 million fans.
By joining forces, Team Vitality and ROG are sending a strong message: esports is a dynamic, innovative, and increasingly attractive sector for brands. This strategic partnership will engage millions of fans worldwide while creating unique opportunities for impactful activations, engaging content, and memorable experiences.
The post ASUS ROG BECOMES THE OFFICIAL PARTNER OF TEAM VITALITY appeared first on European Gaming Industry News.
Latest News
High Roller Technologies Welcomes Kristofer Muscat as Chief Operating Officer
High Roller Technologies, Inc. (“High Roller” and the “Company”) (NYSE American: ROLR), operator of www.HighRoller.com and www.Fruta.com, each a premium brand in online gaming and a destination for high rollers, is pleased to announce the appointment of Kristofer Muscat as its new Chief Operating Officer, effective January 5th, 2025. In this role, Mr. Muscat will oversee operational strategy, drive growth initiatives, and enhance High Roller’s commitment to delivering premium experiences in the online gambling and iCasino gaming industry.
“Kristofer’s operational expertise in the gambling industry and his proven track record of driving growth through innovation will be instrumental as we continue development of our technologies focused on machine learning to automate key functionality to enhance the player experience and reduce operational overhead,” said Ben Clemes, CEO of High Roller Technologies. “His leadership will play a vital role in optimizing our operations and enhancing our mission to provide engaging, seamless, and world-class experiences for our users.”
Mr. Muscat brings a wealth of industry experience to High Roller. As the former Chief Operating Officer of Eastrock Group, he was pivotal in streamlining operations across offices in Sweden, Malta, and Hong Kong. He successfully enhanced efficiency, built customer-centric cultures, and supported Eastrock’s expansion in the competitive iGaming sector. His leadership at Eastrock reinforced his reputation as a forward-thinking executive with a deep understanding of operational excellence in the gambling industry. Prior to Eastrock, Mr. Muscat held a management position at Bally’s.
“I am so excited to be joining High Roller at such a pivotal time in the company’s evolution. The team’s vision for innovation and their unwavering focus on creating exceptional experiences for players perfectly align with my values and expertise. I am eager to leverage my background in operations and strategy to help drive growth, strengthen High Roller’s position as an industry leader, and elevate the brand’s appeal to high-stakes players around the globe.” commented Kristofer Muscat, new COO of High Roller Technologies.
The post High Roller Technologies Welcomes Kristofer Muscat as Chief Operating Officer appeared first on European Gaming Industry News.
Latest News
Robin ‘ropz’ Kool joins Team Vitality’s CS2 roster
Team Vitality is thrilled to announce the signing of global esports star and former FaZe Clan player Robin ‘ropz’ Kool to their CS2 roster.
Ropz is one of the most decorated Counter-Strike players on the circuit, having secured numerous victories, a plethora of MVP honours, and building a strong reputation for precision, consistency, and success. His experience, coupled with his superb understanding of CS2, will bolster Team Vitality in the club’s hunt for success in 2025.
- Robin ‘ropz’ Kool, the 25-year-old Estonian, has officially joined Team Vitality’s CS2 roster.
- With Ropz’s addition to the team, the rosters current rifler Lotan ‘Spinx’ Giladi will be moved to the inactive roster.
- The move further positions the French club as one of the most formidable teams in the space, following on from the Intel Extreme Masters Cologne win in 2024, underscoring the organisation’s commitment to success in CS2.
- Ropz is widely regarded as one of the most skilled CS2 players worldwide, with a career highlighted by numerous tournament wins, MVP accolades, and a legacy of consistent and high-level performance. Known for his tactical expertise, adaptability and sharpshooting, he brings a wealth of experience to Team Vitality.
- The French club’s roster now boasts an elite combination of in-game expertise, strategic minds, and sheer firepower, positioning them as one of the most forbidding rosters globally. The roster now consists of Dan ‘apEX’ Madesclaire, Mathieu ‘ZywOo’ Herbaut, Shahar ‘flameZ’ Shushan, William ‘mezii’ Merriman, and Robin ‘ropz’ Kool. The team will be coached by Rémy “XTQZZZ” Quoniam and assistant coach Mathieu “MaT” Leber, and led by new Team Manager, Amy May ‘Aphiren’ Snowdon.
- The roster will first be seen in action during the BLAST Bounty Spring 2025: Closed Qualifier later in January.
“Signing ropz is the culmination of several years of discussions and mutual respect. We have followed his journey with great admiration, and this year, the stars aligned for him to join us. We understand that he’s leaving more than just a team behind – he’s leaving a family. We’re determined to show him that he made the right choice. He fits perfectly into our vision, with the ambition to make history and build a legacy for the club on CS,” explains Fabien “Neo” Devide, President of Team Vitality. “His experience, versatility, and game intelligence are invaluable assets. He is a player with a heart of gold, one of the most inspiring figures in the history of Counter-Strike, and someone who truly embodies the values we stand for. With him, we are solidifying our place among the global elite of CS, and this is an incredible opportunity for Team Vitality.”
The post Robin ‘ropz’ Kool joins Team Vitality’s CS2 roster appeared first on European Gaming Industry News.
-
Latest News2 months ago
India’s top gamers Jonathan & TechnoGamerz to face off in eFootball showdown at DreamHack India 2024
-
Latest News2 months ago
The 2024 PUBG MOBILE Global Championship (PMGC) Grand Finals Arrive in London!
-
Latest News3 weeks ago
GamCare releases Annual Report following record breaking year of support on the National Gambling Helpline
-
Latest News2 months ago
Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024
-
Latest News1 month ago
Abios powers upcoming gaming media platform Apollo with in-play statistics for League of Legends
-
Bulgaria3 months ago
SOFTSWISS Gets Certification for Its Jackpot Aggregator in Bulgaria
-
Latest News2 months ago
Mythpat, GamerFleet, Piyush Joshi Gaming: India’s popular Minecraft Players Gear Up for the Ultimate Battle in Creators Rumble
-
Latest News2 months ago
MelBet Appoints Bollywood Actress Sherlyn Chopra as its New Brand Ambassador
You must be logged in to post a comment Login