On July 26, 2024, certain affiliates of Apollo Global Management, Inc. signed a definitive agreement to take private International Game Technology PLC’ s Gaming and Digital business and Everi Holdings Inc. for a total of $US6.3 billion (approx. $C8.7 billion).

Upon completion of the sale of IGT Gaming to the Apollo Funds, IGT will change its name and stock ticker symbol, becoming a premier 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.

Macquarie Capital, Deutsche Bank, and Mediobanca are serving as financial advisors to IGT, and Sidley Austin LLP, White & Case LLP, and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to IGT.

Global Leisure Partners LLC is serving as the exclusive financial advisor to Everi, and Houlihan Lokey provided additional financial advice to Everi’s Board of Directors. Pillsbury Winthrop Shaw Pittman LLP is serving as legal counsel to Everi.

Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to the Apollo Funds. 

Deutsche Bank and Macquarie Capital are providing financing commitments for the transaction.

Blakes acted as Canadian counsel to Apollo alongside Paul Weiss as deal counsel.

The Blakes Deal Team consisted of: Kurt Sarno, Hani Migally, Alex Solway and Marcel Beaudoin (Corporate/M&A); Jeffrey Shafer (Tax); Holly Reid and Naomi Lewis (Employment & Labour); Philipp Knoll and Liam McCormick (Pensions & Benefits); and Beth Earon (Real Estate).