The deal is valued at approximately $6.3 billion. Holding company Apollo Funds is set to complete the acquisition of IGT’s Gaming and Digital business, as well as Everi, in an all-cash transaction valued at around $6.3 billion in total. This follows IGT's announcement of plans to separate its gaming and digital verticals and subsequently merge them with Everi as part of a merger. Through this latest development, Apollo Funds will acquire IGT Gaming and Everi, transforming them into privately owned companies under one combined enterprise. Additionally, once the deal is officially finalised, IGT will rebrand and focus on becoming a premier pure-play lottery business. This move is reminiscent of Scientific Games' announcement in March 2022, when the company rebranded to Light & Wonder and planned to divest parts of its lottery and sports betting businesses. Partner at Apollo, Daniel Cohen, commented: "We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams. “We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value. “We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward."