The announcement made today, December 5th, was delivered via separate press releases from Apollo and Aristocrat. Apollo revealed the employment of Fernandez, whereas Aristocrat confirmed Fernandez’s departure but did not disclose the rival company he was joining.
In a notable move from July, IGT and Everi proclaimed definitive agreements in which IGT’s gaming and digital division and Everi, a company specializing in slots and financial technology, will be acquired simultaneously by a newly established holding entity controlled by funds managed by Apollo’s affiliates. This all-cash acquisition values the combined businesses at about $6.3 billion (equivalent to £4.9 billion or €5.6 billion).
Recently, the shareholders of Everi Holdings gave their formal consent to the upcoming acquisition during a special meeting. The transaction is anticipated to conclude by the end of the third quarter of 2025. At that point, Fernandez is expected to become the CEO of the merged entity.
Apollo praised Fernandez’s appointment, highlighting his impressive history of achievements in technology and gaming, alongside his extensive strategic and financial expertise. According to Apollo, his versatile experience within and beyond the gaming sector should enable him to effectively merge and spearhead two highly complementary gaming platforms post-transaction, with a strong emphasis on growth, innovation in products, and creation of content.
**Toner Appointed as New CEO of Aristocrat**
Aristocrat has declared that Craig Toner, the Chief Financial Officer of the gaming division, will succeed Fernandez, effective immediately.
Toner’s career with Aristocrat spans over seven years, following nearly two decades at Lion, an alcohol and beverages company in Australia.
“Craig will facilitate a smooth leadership transition, retain a sharp focus on our customers, and persist in executing our strategies,” stated Trevor Croker, CEO of Aristocrat Leisure Limited, the parent company. “We are sincerely thankful to Hector for his dedication and acknowledge his contributions to our business over the past six years.”
Fernandez began his journey as the CFO of Aristocrat’s Americas gaming division in 2019 and ascended to the CEO position in 2022. The company indicated that his binding contractual agreements include a 12-month non-compete clause, likely expiring soon after Apollo finalizes its acquisition.
Under the stipulations of the Apollo agreement, Everi shareholders will receive $14.25 per share in cash, marking a 56% increase over Everi’s closing stock price on July 25. IGT is set to secure $4.05 billion in gross cash proceeds from IGT Gaming, with significant portions earmarked for debt repayment and shareholder returns.
