07:36 AM EDT, 07/26/2024 (MT Newswires) -- Everi Holdings ( EVRI ) and International Game Technology ( IGT ) said Friday that they signed definitive deals for a $6.30 billion acquisition transaction with funds managed by Apollo Global Management ( APO ) .

The companies signed an agreement in February for Everi's ( EVRI ) merger with IGT's gaming and digital business, which will be spun out to IGT shareholders before the combination, according to the statement. Under the new deal, a newly formed holding company owned by the Apollo funds will acquire Everi ( EVRI ) and the IGT business.

Everi ( EVRI ) shareholders will receive $14.25 in cash per Everi ( EVRI ) share held, while IGT will receive $4.05 billion in cash proceeds for the sale of its gaming and digital business. Everi ( EVRI ) said the cash consideration represents a 56% premium to its stock's Thursday close.

IGT and Everi ( EVRI ) said they terminated their February agreement in favor of the Apollo deal. Everi's ( EVRI ) board and a special committee of IGT's board have approved the Apollo transaction, the companies added.

The acquisitions of Everi ( EVRI ) and the IGT gaming business are cross-conditioned and expected to close in Q3 2025, subject to certain conditions, the companies said. Upon closing, Everi ( EVRI ) will be delisted from the New York Stock Exchange, while IGT will shift to a pure-play lottery business and change its name and ticker symbol, according to the statement.

Shares of Everi ( EVRI ) were up over 36% and International Game Technology ( IGT ) shares were up over 15% premarket.

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