Igt completes sale of italian commercial payment business to Postepay spa
15 September 2022 - 17:02
International game technology Plc announces completion of sale of italian commercial payment business to PostePay Spa.
International game technology Plc today announced that its wholly owned subsidiary Igt Lottery Spa has completed the sale of its Italian proximity payment business to PostePay Spa – Patrimonio destinato Imel for €700 million.
The negotiated sale price represented an enterprise value of €630 million and approximately €70 million of net unrestricted cash.
The business held approximately €140 million 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.
Ubs Ag acted as lead financial advisor and fairness opinion provider to Igt, UniCredit Spa acted as financial advisor to Igt. Advant-Nctm acted as legal advisor to Igt and Kpmg acted as financial due diligence and tax advisor to Igt.