Everi shareholders have approved the slot developer’s merger with rival IGT under the ownership of Apollo Global Management. Everi and IGT’s casino gaming wing will merge to form a newly formed holding company owned by funds managed by Apollo’s affiliates, while the lottery portion of IGT’s business will spin off independently. The yet-to-be-named company’s value is estimated at $6.3 billion.
Under the deal’s terms, proposed in July, Everi shareholders will receive $14.25 in cash per share, representing a 56% premium over the stock’s price at the time. At a recent special meeting, 99.88% of the shareholders who voted, representing about 71.48% of Everi’s outstanding shares, approved the deal.
Merger to become final in 2025
Everi and IGT first announced plans to merge in February. Under the original terms, the merger would’ve created a publicly traded company under joint ownership of the original shareholders. However, the deal raised regulatory concerns among some investors. With Apollo’s involvement, the newly formed company will become private, and shareholders will receive a cash payout. The merger is expected to be finalized by the end of Q3 2025, pending regulatory approvals and standard procedures.
Michael Rumbolz, chairman of the Company’s Board of Directors, expressed satisfaction with the outcome and said,
We are pleased that our stockholders supported our transaction with the Apollo Funds. We now shift our focus to the important next steps toward completing the transaction and maximizing value for Everi stockholders.
Many Popular Slots Unite Under One Roof
Combining Everi and IGT will create a new gaming giant that owns some of the most iconic slots across retail and online casinos. Everi is famous for developing old-school mechanical reel stepper slots for retail casinos.
The company also makes digital versions of its games, including Cash Machine and Black Diamond. Meanwhile, some of the most famous IGT slots include Cleopatra, Double Diamond, Lucky Larry Lobstermania, and Wolf Run. The company also develops the Wheel of Fortune slots.
Although most of these slots are already widely available at most online casinos, combining them under one roof enhances the new company’s value as a partner to operators. As online casinos compete to gain new customers, partnering with the new company will become a must. Even though some IGT and Everi games don’t have all the bells and whistles of new slots by up-and-coming developers, they remain favorites for many players across the industry.
These slots are particularly important for capturing older demographics transitioning from retail to online casinos. According to other slot developers, US players prefer simplicity and similarity to the retail casino experience. The familiarity of a game brings a sense of trust and comfort to those users. In contrast, European players prefer new games and innovation in game mechanics.
About the Author
