International Game Technology PLC announces the completion of the sale of its Italian commercial payments business to PostePay SpA
LONDON, September 15, 2022 /PRNewswire/ — International Game Technology PLC (NYSE:IGT) (“IGT”) announced today that its wholly owned subsidiary IGT Lottery SpA has completed the sale of its Italian proximity payments business to PostePay SpA – Patrimonio Destinato IMEL for 700 million euros.
The negotiated sale price represented an enterprise value of €630 million and approximately €70 million of unallocated net cash. The company held approximately €140 million in unallocated cash at the close. The increase in unrestricted cash is primarily due to the timing of supplier payments and operating cash flow generated since the 31st of December2021. IGT will use the transaction proceeds primarily to pay transaction fees and reduce debt.
UBS AG acted as lead financial advisor and equity opinion provider to IGT, UniCredit SpA acted as financial advisor to IGT. Advant-Nctm acted as legal counsel to IGT and KPMG acted as financial due diligence and tax counsel to IGT.
IGT (NYSE: IGT) is a global leader in video games. We deliver entertaining and responsible gaming experiences to players across all regulated channels and segments, from lotteries and gaming machines to sports and digital betting. Leveraging a wealth of compelling content, substantial investments in innovation, player insights, operational expertise and cutting-edge technology, our solutions deliver unparalleled gaming experiences that engage players. players and stimulate growth. We have a well-established local presence and relationships with governments and regulators in over 100 countries around the world, and create value by adhering to the highest standards of service, integrity and accountability. IGT has approximately 10,500 employees. For more information, visit www.IGT.com.
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This press release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) regarding IGT and its consolidated subsidiaries (the “Company“) and other matters. These statements may discuss objectives, intentions and expectations regarding future plans, trends, events, dividends, results of operations or financial condition, or otherwise, based on the beliefs management of the Company as well as assumptions made by such management and information currently available to such management. Forward-looking statements may be accompanied by words such as “aim”, “anticipate”, “believe”, “plan” , “could”, “would”, “should”, “must”, “continue”, “estimate”, “expect”, “plan”, “future”, “direction”, “intend to ‘, ‘may’, ‘will’, ‘possible’, ‘potential’, ‘predict’, ‘project’ or their negative or other variants. These forward-looking statements speak only as of the date such statements are made and are subject to various risks and uncertainties, many of which are beyond the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance or achievements. Accordingly, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include (but are not limited to) the factors and risks described in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 and other documents filed from time to time with the SEC, which are available on the SEC’s website at www.sec.gov and in the Investor Relations section of the Company’s website at www.IGT.com. Except as required by applicable law, the Company undertakes no obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties affecting the business of the Company. All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Phil O’ShaughnessyGlobal Communications, Toll Free USA/Canada +1 (844) IGT-7452 and outside the USA/Canada +1 (401) 392-7452
Francesco LutiItalian media inquiries, +39 06 5189 9184
James HurleyInvestor Relations, +1 (401) 392-7190
SOURCE International Game Technology PLC