The International Game Technology, PLC, has declared that its entirely owned subsidiary, Lottomatica Holding, had given signature to an agreement to sell its entire (100%) of share investment of the Lottomatica Videolot Rete – S.P.A. as well as Lottomatica Scommesse – S.R.I, which were the members of the International Game Technology’s group conducting the Italian machine to launch B2C gaming, digital gaming businesses, sports betting. The group declared to sell it to the Gamenet Group S.P.A., which is a subsidiary of the funds, operated by an affiliate of another Inc. named Apollo Global Management, and it is considered a reputed global alternative investment director.
PLC International Game Technology
IGT is known as a leading game developer in the gaming world. They deliver thousands of responsible and entertaining gaming experiences to the players throughout the regulated segments and channels, ranging from Sports Betting and Digital and Gaming Machines and Lotteries. Their solutions deliver unmatched gaming experiences, which can engage the players. They have a well-recognized local presence and associations with the governments as well as the regulators in over a hundred countries.
In a press release, the CEO of the IGT, Marco Sala, said that the transaction enabled the IGT to observe the leadership positions in the B2C Italian gaming machine, digital and sports betting spaces, etc., which provided them with improved financial flexibility. He also said that by aligning with their new reorganization, the rebalancing of their businesses and geographic mix could reframe and simplify their priorities while enhancing the future profit, debt profile, and cash flow generation of the company.
The transaction appreciates the businesses, which is being sold at the enterprise value at approximately 1.1 billion euros, and the businesses, which is being sold, produced around 207 million euros, is aggregated EBITDA1 during 2019. Placing the transaction in the higher band of the valuation ranges are obtained by the latest benchmarks of Italy. The sale price is around 950 million euros, and at closing, the payable amount is around 725 million euros, and 100 million euros are payable on 31st December 2021. The remaining amount, 125 million euros, will be payable on 30th September of 2022.