PROVIDENCE – International Game Technology PLC has signed a definitive agreement to sell its businesses Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., the members of the IGT group which conduct its Italian business to consumer gaming machine, sports betting, and digital gaming businesses, IGT announced on Tuesday.
Under the agreement, the purchaser, Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management Inc., would acquire the businesses for 950 million euros in cash, or roughly $1.15 billion.
“The transaction enables IGT to monetize 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,” said Marco Sala, CEO of IGT. “Aligning with our recent reorganization, the favorable 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.”
IGT expects that the transaction will close in the first half of 2021.