LOTTERIES WORLD NEWS IGT agreement to sell Italian B2C gaming business for €950M 2 years ago Szarlot Post Views: 540 International Game Technology PLC (IGT) has announced that its wholly-owned subsidiary Lottomatica Holding S.r.l. has signed a definitive agreement to sell one hundred percent (100%) of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., the members of the IGT group which conduct its Italian B2C gaming machine, sports betting, and digital gaming businesses, to Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management, Inc. (together with its subsidiaries, a leading global alternative investment manager. “The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility,” said Marco Sala, CEO of IGT. “ Aligning with our recent reorganization, the favorable rebalancing of our business and geographic mix reframes and simplifies our priorities while improving the Company’s future profit margin, cash flow generation, and debt profile.” The transaction values the businesses being sold at an enterprise value of approximately €1.1 billion. The businesses being sold generated about €207 million in aggregated adjusted EBITDA1 in 2019, placing the transaction in the upper band of valuation ranges achieved by the most recent Italian benchmarks. The sale price is €950 million, with €725 million payable at closing, €100 million payable on December 31, 2021, and the remaining €125 million payable on September 30, 2022. The deferred payments are not subject to any conditions other than closing and are secured by an equity commitment letter from the Apollo-managed funds. IGT will use net proceeds from the transaction primarily to reduce debt. The Board of Directors of IGT has unanimously approved the transaction, which remains subject to customary closing conditions, including regulatory approvals. IGT expects that the transaction will close in the first half of 2021. Credit Suisse International is acting as lead financial advisor to IGT, UBS is acting as financial advisor and fairness opinion advisor to IGT and its Board of Directors, and White & Case and NCTM are advising IGT. Mediobanca, Paul, Weiss, Rifkind, Wharton & Garrison LLP and the Italian offices of Cleary, Gottlieb, Steen & Hamilton LLP and Latham & Watkins, LLP are advising the buyer. IGT is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivalled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: Apollo, IGT, Italy Continue Reading Previous Features that offer iGaming players more freedom and a better gaming experienceNext UK Remote Gambling is the largest combined sector at £5.7 billion More Stories ONLINE WORLD NEWS BtoBet showcases full retail solution at ICE London 18 hours ago Iwo Bulski BETTING WORLD NEWS Bookmaker 1xBet denies problems with license and connection with Russia 4 days ago Samuel LOTTERIES SOUTH AFRICA 18 Lotto Fraudsters Arrested 5 days ago Szarlot ONLINE WORLD NEWS TVBET enhances its iGaming footprint through St8 partnership 5 days ago Iwo Bulski CASINO WORLD NEWS Black Edition is back for Novomatic 6 days ago Iwo Bulski LOTTERIES NIGERIA Commission DG inspects lottery facility ahead national games 6 days ago Szarlot ONLINE WORLD NEWS Playtech to deliver €400m EBITDA for 2022 7 days ago Iwo Bulski ONLINE WORLD NEWS Technamin appoints Hmayak Manukyan 7 days ago Samuel LOTTERIES NIGERIA Meet the Real Owner of Baba Ijebu 1 week ago Szarlot EXPERTS WORLD NEWS What Will Be The Future of Sports Betting Around The World? 1 week ago Szarlot BETTING WORLD NEWS 1xBet Statement: Curaçao License is Valid and Fully Operational 2 weeks ago Iwo Bulski GAMES WORLD NEWS Wazdan combines classic and modern styles in Hot Slot™: 777 Stars 2 weeks ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.