International Game Technology PLC (IGT) has announced the sale of its Italian proximity payment company to PostePay S.o.A. - Patrimonio Destinato IMEL. The sale price was €700m ($785m).
This figure represents a €630m enterprise value as well as €70m in net unrestricted cash.
Per the terms of the agreement, both LIS Holding S.p.A. and, by extension, LISPAY S.p.A. will be sold. These subsidiaries are market leaders for proximity payments in the Italian market. They have an advanced payment technology platform as well as 54,000 points of sale.
Among the services provided on the platforms are those which help in the payment of bills, prepaid cards, as well as the offering of commercial services which allow telco and e-voucher top ups.
IGT’s Board of Directors has approved the sale, but the move still must clear regulatory approvals. The closing is expected to happen in Q3 2022.
IGT CEO Vince Sadusky framed the sale in light of the long-term strategy of the company: “This transaction provides us with an opportunity to monetize IGT’s market leadership in the Italian payment business at an attractive value as we continue to execute our long-term strategy.
“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.”
Active in 100 countries, IGT has truly a global reach. Listed on the New York Stock Exchange, the company has offices in Las Vegas, Providence, Rome as well as its headquarters in London.
