07:58 AM EDT, 07/26/2024 (MT Newswires) -- Everi Holdings ( EVRI ) and International Game Technology ( IGT ) said Friday they have signed agreements for IGT's gaming and digital business and Everi ( EVRI ) to be acquired by funds managed by Apollo Global Management ( APO ) for $6.30 billion in cash.

Under the terms, Everi ( EVRI ) shareholders will receive $14.25 in cash, while IGT will receive $4.05 billion of gross cash proceeds for IGT gaming. Everi ( EVRI ) said the acquisition price represents a 56% premium to its stock's Thursday close.

The companies said in February that IGT would separate its lottery business from its gaming and digital business, which would be spun off to shareholders and then combined with Everi ( EVRI ). Under the new deal, Apollo will acquire IGT gaming and Everi ( EVRI ).

The transaction has been unanimously approved by a special committee of the IGT board and by the Everi ( EVRI ) board, and the previous agreements between IGT and Everi ( EVRI ) have been terminated, the companies said.

The acquisitions of Everi ( EVRI ) and IGT gaming are cross-conditioned and expected to close in Q3 2025, 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.

Everi ( EVRI ) shares rose by more than 38% in premarket trading Friday, while International Game Technology ( IGT ) was up more than 15%.

Price: 12.54, Change: +3.40, Percent Change: +37.20