IGT Lottery SpA – a wholly-owned subsidiary of IGT – has concluded the sale of its Italian proximity payment business to Poste Pay SpA – Patrimonio Destinato IMEL.
IGT originally signed a definitive agreement in February for the €700m dual sale of IGT subsidiaries LIS Holding SpA and LISPAY SpA, representing an enterprise value of €630m and approximately €70m of net unrestricted cash.
The business held approximately €140m in unrestricted cash at the closing.
€228m in gross revenues and approximately €40m in EBITDA in 2021 was generated from the business being sold, with IGT set to use the net proceeds of the sale to pay transaction expenses and reduce its debt.
Speaking in February, IGT CEO Vince Sadusky said: “This transaction provides us with an opportunity to monetise IGT’s market leadership in the Italian proximity payment business at an attractive value as we continue to execute our long-term strategy.”
UBS AG acted as lead financial advisor and fairness opinion provider to IGT during the transaction, while UniCredit SpA acted as financial advisor.
Advant-Nctm acted as legal advisor to IGT and KPMG acted as its financial due diligence and tax advisor.