IGT and Everi Announce $6.2 Billion Merger

International Game Technology PLC (IGT) has announced that it has entered into a merger agreement with Everi Holdings Inc.

IGT and Everi Announce $6.2 Billion Merger IGT and Everi Announce $6.2 Billion Merger

Marco Sala, IGT Executive Chair of the Board said of the deal:

“As previously announced, IGT’s Board of Directors embarked on a review of strategic alternatives for our Global Gaming and PlayDigital businesses as a way to unlock the intrinsic value of our portfolio of industry-leading assets. The transaction announced today is a key milestone in that process. The transaction will combine two robust gaming platforms with complementary capabilities, geographic footprints, and enhanced growth opportunities.
IGT and Everi Announce $6.2 Billion Merger

IGT and Everi Announce $6.2 Billion Merger IGT and Everi Announce $6.2 Billion Merger IGT and Everi Announce $6.2 Billion Merger IGT and Everi Announce $6.2 Billion Merger

According to company projections, 2024 revenue of the combined company is expected to hit approximately $2.7 billion while projected pro forma 2024 Adjusted EBITDA is estimated at approximately $1 billion.

The deal values IGT’s Global Gaming and PlayDigital businesses at approximately $4.0 billion, and Everi at approximately $2.2 billion.

As part of the transaction, IGT will receive approximately $2.6 billion in cash that will be funded with the proceeds of debt incurred by the combined company. $2 billion will be allocated to IGT debt repayment with the remaining amount allocated to separation and divestiture expenses, tax leakage and general corporate purposes.

IGT will change its name and continue to trade on the NYSE under a new ticker symbol. The transaction is expected to close in late 2024 or early 2025.

Natasha Lyndon

Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.