IGT completes sale of its Italian B2C gaming business for $1.5B
International Game Technology PLC (IGT) announced that on Monday, May 10, its wholly-owned subsidiary Lottomatica Holding completed the sale of 100% of the share capital of Lottomatica Videolot Rete and Lottomatica Scommesse, the members of the IGT group which conduct its Italian B2C gaming machine, sports betting, and digital gaming businesses, to Gamenet Group, a subsidiary of funds managed by an affiliate of Apollo Global Management, Inc, as part of an agreement reported last year by Yogonet.
The sale was done for a cash purchase price of €950 million (US 1.15 billion), €725 million (US$879.5 million) of which was paid at closing, €100 million (US$121.3 million) of which is payable on December 31, 2021, and the remaining €125 million (US$151.6 million) of which is payable on September 30, 2022.
IGT will use the funds received at closing net of approximately €94 million (US$ 1.1 billion), to pay transaction expenses and reduce debt.
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