IGT completes €950m sale of Lottomatica Italian B2C business to Apollo Global

| By Robert Fletcher
International Game Technology (IGT) has finalised the sale of its Italian-facing B2C gaming businesses to Gamenet Group, a subsidiary of funds managed by private equity giant Apollo Global Management.
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The agreement was worth €950m (£817.2m/$1.16bn), with €725m paid at closing. A further €100m is due on 31 December this year, while the other €125m is payable on 30 September next year.

The sale, agreed in December, includes 100% of the share capital of both the Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse businesses.

IGT said it will use proceeds from the sale to pay transaction expenses and reduce debt.

“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,” IGT chief Marco Sala said at the time of the initial announcement.

Completion of the deal comes after Apollo last week submitted a revised proposal worth AU$4.00bn to acquire Tabcorp’s wagering and media business and gaming services segment.

Apollo also put forward an alternative proposal, to acquire only the wagering and media business of the Australian operator only for $3.50bn. 

Both offers are being assessed by the Tabcorp board.

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