IGT offloaded its gaming and digital segment through a taxable spin-off to shareholders in a deal valuing the business at approximately $4 billion.
The London-based gambling company completed the sale of its Gaming & Digital business less than one month after overhauling its operations. IGT rebranded its global lottery business in June to Brightstar Lottery establishing the business as a lottery operator, game developer and technology provider for more than 80 lotteries across six continents.
In the U.S., Brightstar provides services to 26 of America’s 46 lottery jurisdictions.
IGT sold its Gaming & Digital business to Voyager Parent, LLC, a holding company owned by funds managed by investment firm Apollo Global Management. IGT also sold Everi in an all-cash transaction to Voyager Parent that gives the business and IGT’s Gaming & Digital segment a combined valuation of approximately $6.3 billion.
“Today marks an exciting new chapter for the company, one that builds on a long legacy of delivering responsible, sustainable solutions through our products, services, technology, and insights,” said Brightstar CEO Vince Sadusky. “I am extremely proud of the Brightstar team, whose future-forward mindset and commitment to innovation serving lottery customers around the world are the foundation of the company’s strong financial position and predictable cash flows.”
Apollo will transition IGT Gaming and Everi into a privately owned company once the acquisition by Voyager Parent is closed. IGT majority shareholder De Agostini S.p.A. will have a minority stake in the combined enterprise once the transaction is completed. IGT anticipates closing its sale of Everi to Apollo’s holding company in H2 2025.
IGT netted $4 billion in cash proceeds from selling its gaming segment with $2 billion allocated toward reducing debt. IGT will be returning $1.1 billion to shareholders with the company’s board of directors authorizing a two-year, $500 million repurchase program.
IGT will also use $500 million of the cash proceeds to “partially fund upcoming Italy Lotto license payments” with $400 million to be used by the company for general purposes.
