International Game Technology PLC (IGT) has announced that its wholly-owned subsidiary IGT Lottery S.p.A. has completed the sale of 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. for a cash purchase price of €950 million (€725 million of which was paid at closing, €100 million of which is payable on 31 December 2021 and the remaining €125 million of which is payable on 30 September 2022).
IGT will use the funds received at closing net of approximately €94 million (representing the aggregate cash held by the Subsidiaries) to pay transaction expenses and reduce debt.
Credit Suisse International acted as lead financial advisor to IGT, UBS acted as financial advisor and fairness opinion advisor to IGT and its Board of Directors, and White & Case LLP and NCTM advised IGT. Barclays Bank Ireland Plc., Mediobanca, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and the Italian offices of Cleary, Gottlieb, Steen & Hamilton LLP and Latham & Watkins, LLP advised the buyer.
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