IGT to sell Italian proximity payment business for $700m
International Game Technology (IGT) has signed a definitive agreement to sell its Italian proximity payment business to PostePay – Patrimonio Destinato for €700.0m (£523.9m/€627.2m).
Under the deal, agreed through its IGT Lottery subsidiary, IGT will sell the LIS Holding and LISPAY subsidiaries, which together conduct its proximity payment business.
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.
The sale price represents an enterprise value of €630.0m and approximately €70.0m of net unrestricted cash. IGT said it would use net proceeds from the deal primarily to reduce debt.
“This transaction provides us with an opportunity to monetise IGT’s market leadership in the Italian proximity payment business at an attractive value as we continue to execute our long-term strategy,” IGT chief executive Vince Sandusky said.
“Streamlining our products and solutions portfolio enables us to focus our efforts and resources on our core and strategic assets, as we position IGT for industry leadership and increased shareholder value.”
IGT’s board has approved the transaction which, subject to customary closing conditions, is expected to conclude during the third quarter of 2022.