Apollo completes IGT acquisition, days after lottery rebrand
Private equity giant Apollo Global Management has completed its $6.3 billion (€5.85 billion) acquisition of gaming technology supplier Everi Holdings and the Gaming and Digital businesses of International Game Technology (IGT), forming a new powerhouse in the global gaming and FinTech sectors.
Apollo confirmed that a holding company owned by funds managed by its affiliates finalised the all-cash transaction this week. The deal brings together “two complementary businesses to form a privately held global leader in gaming, digital, and financial technology solutions.”
Operations still under IGT brand
The newly merged company will operate under the IGT name and be headquartered in Las Vegas, with the Everi brand retained in select markets and product lines. According to Apollo, the on three core segments: Gaming, Digital, and FinTech.
Nick Khin, who will serve as Interim CEO during the transition, described the merger as “a defining moment” for the industry. “We are building an enterprise with the scale, talent, and technology to lead the future of gaming,” he said.
Khin will remain at the helm until the fourth quarter of 2025, when Hector Fernandez, former CEO of Aristocrat Gaming, will assume leadership following the expiry of his non-compete agreement. Khin will then take on the role of CEO for the Gaming business unit.
Apollo Partner Daniel Cohen said the combination of IGT and Everi creates a “more competitive, agile, and well-capitalised platform” to drive long-term innovation. “We look forward to working closely with Hector, Nick, and the rest of the talented IGT team,” he added.
Lottery’s division already separated
Meanwhile, IGT’s global lottery division has been spun off and will now trade under the name Brightstar Lottery. The rebranding takes effect immediately, marking the final step in separating IGT’s lottery operations from its gaming and digital businesses.
Brightstar will become a “premier pure play lottery” firm once the sale to Voyager Parent LLC—also backed by Apollo funds—is fully completed. The lottery transaction is expected to close by 1 July 2025, with Brightstar continuing to trade on the New York Stock Exchange (NYSE) under a new ticker, “BRSL”, from 2 July 2025 onwards.
While its ticker will change, Brightstar’s CUSIP code will remain the same, maintaining continuity for investors. IGT stated that the new brand would preserve the legacy and quality associated with its former lottery business.
Together, these strategic moves mark a significant transformation in the gaming industry, placing Apollo-backed IGT at the forefront of innovation while establishing Brightstar as a focused leader in global lottery operations.
