IGT sells Italian payment business

IGT’s wholly-owned subsidiary IGT Lottery has completed the sale of its Italian proximity payment business to PostePay for €700m.

The negotiated sale price represented an enterprise value of €630m and approximately €70m million of net unrestricted cash. The business held approximately €140m in unrestricted cash at the closing.

The increase in unrestricted cash is primarily attributable to timing of vendor payments and operating cash flows generated since December 31, 2021. IGT will use the proceeds from the transaction primarily to pay transaction expenses and reduce debt.