International Game Technology to sell B2C business for €950 million

International Game Technology to sell B2C business for €950 million

According to reliable sources, London-headquartered multinational gaming company, International Game Technology PLC (IGT), recently announced that Lottomatica Holding S.r.l., it’s wholly owned subsidiary, has signed a definitive agreement to sell 100% of share capital of Lottomatica Scommesse S.r.l. and Lottomatica Videolot Rete S.p.A to Gamenet Group S.p.A.

For the record, Gamenet Group S.p.A. is a leading Italian gaming company that develops public games which are authorized by the Agenzia delle Dogane e dei Monopoli (Customs & Monopolies Agency).

Reportedly, the recent transaction by IGT is aimed at monetizing its authoritative status in the Italian B2C vertical of sports betting, gaming machines, and digital spaces in order to enhance financial flexibility. Sources claimed that the deal, which remains subject to numerous regulatory approvals, was unanimously approved by the board of directors at IGT.

If reports are to be believed, Lottomatica’s two businesses generated aggregated revenues worth around €207 million in the year 2019 and are being sold at an enterprise value of €1.1 billion. Moreover, the sale price of the subsidiaries is €950 million, out of which €725 million will be payable at closing.

Sources close to the matter claimed that Credit Suisse International Holding AG is the lead financial advisor for IGT while UBS Group AG will act as the fairness opinion advisor. Financial advisors of Gamenet Group include Latham & Watkins LLP, Steen & Hamilton LLP, and Mediobanca S.p.A. among others.

The transaction has been unanimously approved by IGT’s Board of Directors and is subjected to customary closing conditions such as a regulatory approval. Sources confirmed that the deal is expected to close by the first half of 2021.

About International Game Technology PLC

IGT is an Italian multinational gaming company that develops, manufactures and distributes computerized gaming equipment, network systems and software. Comprising over 11,000 employees, the primary products of the organization include social gaming platforms, slot machines, and other interactive gaming machines.

Source credit: https://www.prnewswire.com/news-releases/international-game-technology-plc-announces-agreement-to-sell-italian-b2c-gaming-business-for-950-million-in-cash-301186972.html