IGT agrees to acquire iSoftBet for €160m
The acquisition, IGT said, would more than double the IGT PlayDigital content library to approximately 225 games, as well as provide a proprietary game aggregation platform to distribute third-party games, and data-driven promotional and user-engagement tools.
Subject to the satisfaction of customary closing conditions, IGT said it expects the deal to close during the second quarter of 2022.
“The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT’s PlayDigital operations,” IGT chief executive Vince Sadusky said.
“This will enhance PlayDigital’s competitive capabilities with a proven, complementary content portfolio across Europe and North America as we provide best-in-class games and technology to our fast-growing igaming customers.”
Oakvale Capital LLP will act as lead financial advisor to IGT, while Wachtell, Lipton, Rosen & Katz will serve as legal advisor and KPMG LLP as tax and financial due diligence advisor.
M Firon & Co and Wiggin LLP will be legal advisors to iSoftBet and BDO Israel independent registered public accounting and tax firm.
The deal comes after IGT in February signed a definitive agreement to sell its Italian proximity payment business to PostePay – Patrimonio Destinato for €700.0m.
The business offers services through a fully owned payment technology platform and a network of 54,000 points of sale, including bill payments and prepaid payment cards, telco and e-vouchers top up, and technological solutions such as merchant and enterprise services.