Igt Sells Italian Lottomatica For 950 Million Euros
International game technology (igt) reported that lottomatica holding srl, 100% subsidiary of igt, signed a final agreement for the sale of 100% of the share capital of lottomatica videolot rete srl and lottomatica scommesse srl company gamenet group spa, a subsidiary of funds managed by apollo global management.
"This transaction allows an igt to moneying machines b2c, sports betting and digital spaces with an attractive multiplicate of comparable italian transactions, providing us with increased financial flexibility. In accordance with our recent recant recantization, the favorable overbalance of our business and the geographical structure of our priorities and simplifies our priorities, at the same time improving the future profit margin, the generation of cash flows and the company’s debt profile ",
– said marco sala, ceo igt.
The sale price is 950 million euros, of which 725 million euros are subject to payment when closing, 100 million euros are payable on december 31, 2021, and the remaining 125 million euros are subect to payment on september 3022. Igt will use a clean revenue from the transaction mainly to reduce debt.
The igt board of directors unanimously approved the transaction to the usual closure conditions, including the approval of regulatory authorities. Igt expects the deal will be closed in the fist half of 2021.
Source: official igt release