The multibillion-dollar merger between gaming equipment giants International Game Technology (IGT) and Everi Holdings won’t be finalized until late next year.
But the future owner, hedge fund giant Apollo Global Management, isn’t wasting time. Apollo has already made public plans to merge the operations into a single privately held business focusing on three divisions — casino floor equipment, digital gaming and financial services.
It’s part of Apollo’s plan to shake up the slot machine and gaming technology universe.
Apollo announced a management team last week — headed by former Aristocrat Gaming CEO Hector Fernandez — that will oversee the future $6.3 billion privately held enterprise. Fernandez resigned from the Australian-based company allowing a contractual non-compete clause to expire before he becomes CEO of the combined businesses.
