Apollo Global Management has completed its $6.3 billion all-cash acquisition of International Game Technology’s Gaming & Digital division and Everi Holdings Inc., uniting the two under a single enterprise set to operate as IGT. The deal, facilitated through a holding company owned by Apollo-managed funds, marks a major reshaping of the global gaming and financial technology landscape.
Headquartered in Las Vegas, the newly merged entity will carry forward the IGT name while maintaining the Everi brand across select offerings and markets. The combined business will be structured into three divisions: Gaming, Digital, and FinTech, and will focus on delivering content-rich, integrated player and operator solutions across land-based and online platforms.
“This is a defining moment for our industry,” said Nick Khin, Interim CEO of IGT. “By uniting two leading organizations, we are building an enterprise with the scale, talent and technology to lead the future of gaming.”
Leadership Transition Set for Late 2025
As part of the transition plan, Hector Fernandez is expected to step in as CEO of IGT in Q4 2025, following the conclusion of a non-compete agreement. Until then, Khin will continue in his interim role before moving on to lead IGT’s Gaming division.
Daniel Cohen, a partner at Apollo, emphasized the long-term strategic value of the deal: “Bringing together highly complementary businesses creates a more competitive, agile and well-capitalized platform built for long-term growth.”
Effective immediately, Everi’s stock has been delisted from the New York Stock Exchange. Shareholders of Everi will receive $14.25 per share in cash, while International Game Technology PLC, which now operates under the name Brightstar Lottery, received approximately $4.05 billion in gross proceeds.
Brightstar Lottery Charts New Course After Asset Sale
Now operating under its new name and ticker symbol BRSL, Brightstar Lottery remains listed on the NYSE as of July 2, 2025. The sale has positioned the company for strategic reorientation, prioritizing financial stability and shareholder returns.
Brightstar announced it will return $1.1 billion to shareholders, including a $3.00 per share special dividend payable on July 29, and a $500 million share repurchase program. Additionally, $2 billion will be directed toward debt reduction, targeting early repayments of various loans and bonds.
“The sale of the Gaming & Digital business positions Brightstar for an exciting future,” said Marco Sala, Executive Chair of 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.”
Brightstar also allocated $500 million to help fund upcoming Italy Lotto license payments and reserved $400 million for general corporate needs. Following these moves, the company reported a 3.5x net debt leverage ratio as of March 31, 2025, aiming to reduce it to around 3.0x in the future.
Source:
“Apollo Funds Complete Acquisitions of International Game Technology’s Gaming & Digital Business and Everi; Combined Enterprise to Operate as IGT”, igt.com, Jul 1, 2025
“Brightstar Lottery Completes Sale of Gaming & Digital Business and Announces $1.1 billion Capital Return to Shareholders”, ir.brightstarlottery.com, Jul 1, 2025
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