LONDON, February 28, 2022 /PRNewswire/ — International Game Technology PLC (NYSE:IGT) (“IGT”) announced today that its wholly owned subsidiary IGT Lottery SpA has signed a definitive agreement to sell its Italian proximity payments business to PostePay SpA – Patrimonio Destinato IMEL for €700 million.
Under the agreement, IGT will sell LIS Holding SpA and indirectly LISPAY SpA. These two wholly-owned subsidiaries carry out the proximity payments business of IGT, which has been the leader in the Italian proximity payments market, offering services through an advanced payment technology platform. wholly owned and a network of 54,000 points of sale. The services offered range from payment services, including bill payments and prepaid payment cards, to business services providing telecom recharges and e-vouchers and technology solutions, including merchant and business services.
“This transaction provides us with the opportunity to monetize IGT’s leadership in the Italian proximity payments market at an attractive value as we continue to execute our long-term strategy,” noted Vince SaduskyCEO of IGT. “Streamlining our product and solution portfolio allows us to focus our efforts and resources on our core strategic assets, while positioning IGT for industry leadership and increased shareholder value. »
The sale price represents an enterprise value of €630 million and approximately €70 million of unallocated net cash. The sold business generated c. €228 million gross revenue and c. €40 million EBITDA in 2021, reflecting a valuation multiple in line with the latest Italian transactions in the proximity payments sector . IGT will use the net proceeds of the transaction primarily to reduce debt.
IGT’s Board of Directors has approved the transaction, which remains subject to customary closing conditions, including regulatory approvals. Closing of the transaction is expected to occur during the third quarter of 2022.
UBS AG is acting as lead financial advisor and equity opinion provider to IGT, UniCredit SpA is acting as financial advisor to IGT. Advant-Nctm is acting as legal advisor to IGT and KPMG is acting as financial and tax advisor to IGT.
IGT (NYSE:IGT) is a global gaming leader. We provide entertaining and responsible gaming experiences for players across all regulated channels and segments, from gaming machines and lotteries to sports and digital betting. Leveraging a wealth of compelling content, substantial investments in innovation, player insights, operational expertise and cutting-edge technology, our solutions deliver unparalleled gaming experiences that engage players. players and stimulate growth. We have a well-established local presence and relationships with governments and regulators in over 100 countries around the world, and create value by adhering to the highest standards of service, integrity and accountability. IGT has approximately 11,000 employees. For more information, visit www.IGT.com.
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Phil O’ShaughnessyGlobal Communications, Toll Free USA/Canada +1 (844) IGT-7452 and outside the USA/Canada +1 (401) 392-7452
Francesco LutiItalian media inquiries, +39 06 5189 9184
James HurleyInvestor Relations, +1 (401) 392-7190
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SOURCE International Game Technology PLC