IGT Sell Off Italian Business

International Gaming Technology (IGT) has announced it has entered into an agreement to sell its Italian B2C business Lottomatica to an affiliate linked to Apollo Global Management for €950 million with the bulk of the payment, €725 million on sealing the deal and the remainder over two years.

Lottomatica operates gaming machine, sports betting, and a digital gaming business and IGT said the sale would help pay off outstanding debts held by IGT.

Marco Sala the CEO of IGT said on the sale: “The transaction enables IGT to monetise its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility.”

“Aligning with our recent reorganisation, the favourable rebalancing of our business and geographic mix reframes and simplifies our priorities while improving the company’s future profit margin, cash flow generation, and debt profile.”