International Game Technology Thursday announced that its subsidiary, IGT Lottery S.p.A., has complete the sale of its Italian proximity payment business to PostePay S.p.A. – Patrimonio Destinato IMEL for €700 million ($700 million USD).
The transaction was first announced in March, 2022.
The negotiated sale price represents an enterprise value of €630 million and approximately €70 million of net unrestricted cash. IGT Lottery S.p.A. held approximately €140 million in unrestricted cash at the closing.
The increase in unrestricted cash is primarily attributable to timing of vendor payments and operating cash flows generated since December 31, 2021. IGT will use proceeds from the transaction primarily to pay transaction expenses and reduce debt.
UBS AG acted as lead financial advisor and fairness opinion provider to IGT, and UniCredit S.p.A. acted as financial advisor to IGT. Advant-Nctm acted as legal advisor to IGT and KPMG acted as financial due diligence and tax advisor to IGT.
