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International Game Technology Agrees To Sell Italian B2C Gaming Business For €950 Mln In Cash

International Game Technology PLC (IGT) said its wholly-owned subsidiary Lottomatica Holding S.r.l. has agreed to sell its Italian B2C gaming business for €950 million. The transaction is expected to close in the first half of 2021.

Lottomatica Holding S.r.l. has signed a definitive agreement to sell 100% of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., the members of the IGT group which conduct its Italian B2C gaming machine, sports betting, and digital gaming businesses, to Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management Inc. (APO).

The sale price is €950 million, with €725 million payable at closing, €100 million payable on December 31, 2021, and the remaining €125 million payable on September 30, 2022.

The transaction values the businesses being sold at an enterprise value of about €1.1 billion. The businesses being sold generated about €207 million in aggregated adjusted EBITDA1 in 2019, placing the transaction in the upper band of valuation ranges achieved by the most recent Italian benchmarks.

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