Global private equity and venture capital news and research

Apollo, Carlyle circle International Game Technology

16 Jun 2014

double downLas Vegas slot machine maker International Game Technology (IGT) has reportedly drawn buyout interest from private equity firms Apollo Global Management and Carlyle.

Lottery operator GTECH and MacAndrews & Forbes Holdings are also interested in the company, said Reuters, citing people familiar with the matter.

The firms are expected to submit binding offers for IGT, which currently has a market cap of nearly $4bn, in the next few weeks, said the sources.

IGT has hired Morgan Stanley to help find a buyer.

The company had debts of $2.2bn at the end of March, which means that the deal could be worth nearly $6bn, said the report.

Earlier this year, Apollo closed its latest flagship fund on $17.5bn, making it the biggest vehicle raised since the financial crisis.

Fund VIII is focused on distressed investments, corporate carve-outs and opportunistic buyouts.

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