Everi (NYSE:EVRI) stock is experiencing a significant increase in value following the announcement of an acquisition deal with private equity firm Apollo Global Management. Apollo Global Management has agreed to purchase Everi along with International Game Technology’s (NYSE:IGT) IGT Gaming business for a total of $6.3 billion.
Shareholders of EVRI stock will receive $14.25 per share in cash, representing a 56% premium to the stock’s previous closing price. The deal will allocate $4.05 billion to International Game Technology for its IGT Gaming business.
International Game Technology CEO Vince Sadusky expressed his enthusiasm for the deal, stating, “Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year. With the Apollo Funds, we have found a partner that recognizes the strength of IGT Gaming, the value of our talent and our position in the industry.”
EVRI Stock Reactions Today
Following the announcement of the acquisition deal, EVRI stock has seen heavy trading with over 17 million shares changing hands, significantly higher than its daily average trading volume of about 1.6 million shares. As of Friday morning, EVRI stock is up 42.3%.
Analysis and Breakdown:
This acquisition deal between Everi and Apollo Global Management is a significant event that has led to a surge in EVRI stock value. Shareholders are set to benefit from a generous cash payout, reflecting a positive outlook for the company’s future. The partnership with Apollo Global Management also signals confidence in the strength of Everi and International Game Technology’s businesses. As a result, investors may see potential opportunities for growth and profitability in the gaming industry.
Overall, this acquisition deal showcases the importance of strategic partnerships and acquisitions in driving value for shareholders. It is essential for investors to stay informed about such developments in the stock market to make informed decisions about their investments and financial goals.