International Game Technology (NYSE:IGT) shares are up nearly 9% in the morning session today after it emerged that private equity major Apollo Global (NYSE:APO) is one of the suitors for its global gaming division, according to Bloomberg.
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IGT began exploring strategic alternatives for its global gaming and PlayDigital verticals in June. The company has indicated that the possible actions include a sale, merger, or a spinoff, and a potential sale could be in the range of $4 billion to $5 billion.
IGT’s global gaming unit makes slot machines and brought in nearly $223 million in EBITDA during the first half of this year. Interestingly, IGT and Apollo are in familiar territory. The former had sold its Lottomatica subsidiary to funds affiliated with the latter nearly two years ago.
Overall, the Street has a consensus price target of $42.25 on IGT, alongside a Strong Buy consensus rating. With today’s price gains, IGT shares have now surged by nearly 67.5% over the past year.
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