LOTTERIES WORLD NEWS IGT agreement to sell Italian B2C gaming business for €950M 1 month ago Szarlot Post Views: 222 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. 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 BETTING WORLD NEWS TVBET to Enter the Montenegro iGaming Market 17 hours ago Iwo Bulski EXPERTS WORLD NEWS Gibraltar to retain importance as gaming hub post-Brexit 3 days ago Iwo Bulski WORLD NEWS Novomatic introduces Lucky Twist Linked Progressive 4 days ago Iwo Bulski ONLINE WORLD NEWS Playtech continues to thrive despite the epidemic 1 week ago Iwo Bulski WORLD NEWS Wazdan Announces Partnership With Singular 1 week ago Iwo Bulski CASINO WORLD NEWS Plans for luxury resort in Las Vegas on former Clarion site are underway 2 weeks ago Iwo Bulski ONLINE WORLD NEWS Non-US Gambling Authorities Issued £44m in Fines to Operators in 2020 2 weeks ago Iwo Bulski LOTTERIES SOUTH AFRICA Lottery allegedly paid R5.5m to NPO with no bank account 2 weeks ago Samuel CASINO WORLD NEWS England gambling venues forced to close until at least mid-February 2 weeks ago Iwo Bulski ONLINE WORLD NEWS How illegal online gambling launders $150bn from China 2 weeks ago Szarlot ONLINE WORLD NEWS Pragmatic play gives back during the holidays with a €30,000 donation 3 weeks ago Iwo Bulski CASINO WORLD NEWS The worst year in the history of Macau casinos 3 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. This site uses Akismet to reduce spam. Learn how your comment data is processed.