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LONDON - International Game Technology PLC (NYSE: IGT) has rebranded its global lottery organization as Brightstar Lottery, effective immediately, according to a company press release statement.
The rebrand comes ahead of the anticipated sale of IGT’s Gaming and Digital business to Apollo Global Management-affiliated funds (NYSE: APO), expected to close as early as July 1, 2025. Apollo, a prominent player in the Financial Services industry with a market capitalization of $76.6 billion, has maintained dividend payments for 15 consecutive years, currently offering a 1.52% yield. According to InvestingPro analysis, Apollo’s overall financial health score is rated as "GREAT." Following the transaction, Brightstar will operate as a standalone lottery business.
The company’s legal name will remain International Game Technology PLC until the formal change to Brightstar Lottery PLC is registered with the U.K. Companies House after the transaction closes. The company’s shares will continue trading on the NYSE under a new ticker symbol, BRSL, expected to commence around July 2, 2025.
"We have a nearly 50-year history of reliability, innovation, and leadership in lottery," said Vince Sadusky, CEO of Brightstar, in the press release.
Brightstar serves approximately 90 lottery customers across six continents and acts as the primary technology provider to 26 of the 46 lottery jurisdictions in the U.S. and seven of the world’s ten largest lotteries.
The company will focus on lottery operations, retail and digital systems, instant ticket services, and game creation. Brightstar employs approximately 6,000 people globally.
Following the transaction closing, Apollo’s Voyager Parent, LLC is expected to use the "IGT" and "International Game Technology" names for the acquired gaming business. InvestingPro subscribers have access to detailed analysis and additional insights about Apollo’s acquisition strategy, along with over 30 key financial metrics and exclusive ProTips. Get the complete picture with InvestingPro’s comprehensive research reports, available for 1,400+ top US stocks.
In other recent news, Apollo Global Management Inc. is making significant strides in various sectors. The company is preparing to provide approximately €750 million in financing for Neinor Homes SA’s potential acquisition of Aedas Homes SA, which could establish Spain’s largest property developer. In another strategic move, Apollo has secured nearly $1 billion in private debt to fund its acquisition of PowerGrid Services, an electric utility firm, from Sterling Group. The financing package includes contributions from Brookfield Asset Management, Blackstone Inc., and JPMorgan Chase & Co.
Apollo has also reached an agreement to acquire a majority stake in PowerGrid Services to bolster the firm’s growth in the U.S. electric utility sector. Additionally, Apollo-backed New Home Co. is set to acquire Landsea Homes Corporation in a $1.2 billion all-cash transaction, aiming to become a top-25 national homebuilder. This acquisition is backed by $650 million of new cash equity from Apollo Funds.
Raymond James has maintained its Strong Buy rating and a $173 price target for Apollo, highlighting the company’s collaboration with major banks like J.P. Morgan and Goldman Sachs to enhance liquidity in private credit markets. This partnership is expected to broaden Apollo’s market-making operations and potentially attract more retail investors. These developments underscore Apollo’s active role in expanding its investment portfolio and strategic partnerships across various industries.
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