International Game Technology PLC announces the sale of its Italian commercial payment business to PostePay SpA
LONDON, February 28, 2022 /PRNewswire/ — International Game Technology PLC (NYSE:IGT) (“IGT”) announced today that its wholly owned subsidiary IGT Lottery SpA has signed a definitive agreement to sell its Italian proximity payments business to PostePay SpA – Patrimonio Destinato IMEL for €700 million.
Under the agreement, IGT will sell LIS Holding SpA and indirectly LISPAY SpA. These two wholly-owned subsidiaries carry out the proximity payments business of IGT, which has been the leader in the Italian proximity payments market, offering services through an advanced payment technology platform. wholly owned and a network of 54,000 points of sale. The services offered range from payment services, including bill payments and prepaid payment cards, to business services providing telecom recharges and e-vouchers and technology solutions, including merchant and business services.
“This transaction provides us with the opportunity to monetize IGT’s leadership in the Italian proximity payments market at an attractive value as we continue to execute our long-term strategy,” noted Vince SaduskyCEO of IGT. “Streamlining our product and solution portfolio allows us to focus our efforts and resources on our core and strategic assets, while positioning IGT for industry leadership and increased shareholder value.
The sale price represents an enterprise value of €630 million and approximately €70 million of unallocated net cash. The sold business generated c. €228 million gross revenue and c. €40 million EBITDA in 2021, reflecting a valuation multiple in line with the latest Italian transactions in the proximity payments sector . IGT will use the net proceeds of the transaction primarily to reduce debt.
IGT’s Board of Directors has approved the transaction, which remains subject to customary closing conditions, including regulatory approvals. Closing of the transaction is expected to occur during the third quarter of 2022.
UBS AG is acting as lead financial advisor and equity opinion provider to IGT, UniCredit SpA is acting as financial advisor to IGT. Advant-Nctm is acting as legal advisor to IGT and KPMG is acting as financial and tax advisor to IGT.
IGT (NYSE: IGT) is a global leader in gaming. We provide entertaining and responsible gaming experiences for players across all regulated channels and segments, from gaming machines and lotteries to sports and digital betting. Leveraging a wealth of compelling content, substantial investments in innovation, player insights, operational expertise and cutting-edge technology, our solutions deliver unparalleled gaming experiences that engage players. players and stimulate growth. We have a well-established local presence and relationships with governments and regulators in over 100 countries around the world, and create value by adhering to the highest standards of service, integrity and accountability. IGT has approximately 11,000 employees. For more information, please visit www.IGT.com.
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This press release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) regarding IGT and its consolidated subsidiaries (the “Company“) and other matters. These statements may discuss objectives, intentions and expectations regarding future plans, trends, events, dividends, results of operations or financial condition, or otherwise, based on the beliefs management of the Company as well as assumptions made by such management and information currently available to such management. Forward-looking statements may be accompanied by words such as “aim”, “anticipate”, “believe”, “plan” , “could”, “would”, “should”, “must”, “continue”, “estimate”, “expect”, “plan”, “future”, “direction”, “intend to ‘, ‘may’, ‘will’, ‘possible’, ‘potential’, ‘predict’, ‘project’ or their negative or other variants. These forward-looking statements speak only as of the date such statements are made and are subject to various risks and uncertainties, many of which are beyond the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance or achievements. Accordingly, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include (but are not limited to) the factors and risks described in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2020 and other documents filed from time to time with the SEC, which are available on the SEC’s website at www.sec.gov and on the investor relations section of the Company’s website at www.IGT.com. Except as required by applicable law, the Company undertakes no obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties affecting the business of the Company. All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Phil O’ShaughnessyGlobal Communications, Toll Free USA/Canada +1 (844) IGT-7452 and outside the USA/Canada +1 (401) 392-7452
Francesco LutiItalian media inquiries, +39 06 5189 9184
James HurleyInvestor Relations, +1 (401) 392-7190
SOURCE International Game Technology PLC