Everi shareholders to receive 14.25 usd/shr (Il Sole 24 Ore Radiocor) - New York, 26 Jul - The lottery companies International Game Technology (IGT) and Everi Holdings said that they have entered into definitive agreements whereby IGT's Gaming & Digital business and Everi will be simultaneously acquired by Apollo Global Management in an all-cash transaction that values the businesses 6.3 billion dollars on a combined basis.

Under the terms of the new agreements, Everi stockholders will receive 14.25 dollars per share in cash, representing a 56% premium over Everi's closing share price on July 25. IGT will receive 4.05 billion dollars 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, 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 pure play lottery business.

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, the companies said in a statement.

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(RADIOCOR) 26-07-24 13:40:01 (0405) 5 NNNN