International Game Technology Concern (IGT) announced that its subsidiary IGT Lottery S.p.A. signed a definitive agreement to sell its Italian contactless payment business. The PostePay operator will be owned by LIS Holding, which will pay IGT 700 million euros ($781 million). Of these, 70 million euros will be paid in non-negotiable cash.
The IGT Board of Directors has already approved the deal. However, the final sale depends on a number of formalities that have not yet been settled. For example, the transaction must be approved by the relevant authorities, as well as responsible officials. The sale agreement is expected to be signed by the parties in the third quarter of 2022.
Under the terms of the agreement, IGT will sell two wholly owned subsidiaries to LIS Holding (LISPAY). Both now provide contactless payment services, complementing each other.
UBS AG will act as lead financial advisor and deal expert for IGT. Legal advice will be provided by the Advant-Nctm group, and tax advice by KPMG.
IGT CEO Vince Sadusky commented: “This transaction gives us the opportunity to monetize IGT's leadership in contactless payments in Italy at an attractive price. Otherwise, we continue to implement our long-term strategy.”
He also added: “Optimizing our portfolio of products and solutions allows us to focus efforts and resources on core and strategic assets. Today, we are positioning IGT as an industry leader, so it would be wise to increase the company's shareholder value.”
The Group CEO also noted that the divestiture business brought in about 228 million euros in revenue in 2021.
Recall that the largest gaming companies in the world have launched a joint project dedicated to Women's Day.