International Game Technology (IGT) announced Thursday that its wholly owned subsidiary IGT Lottery has completed the sale of its Italian proximity payment business to PostePay S.p.A for EUR 700 million ($699.2 million).
The negotiated sale price of the Italian commercial payment business represented an enterprise value of EUR 630 million ($629.3 million) and approximately EUR 70 million ($69.9 million) of net unrestricted cash. The business held approximately EUR 140 million ($139.8 million) in unrestricted cash at the closing.
“The increase in unrestricted cash is primarily attributable to the timing of vendor payments and operating cash flows generated since December 31, 2021,” the company said in a press statement. “IGT will use the proceeds from the transaction primarily to pay transaction expenses and reduce debt.”
UBS AG acted as lead financial advisor and fairness opinion provider to IGT, supported in its role by UniCredit S.p.A., which also acted as financial advisor. Advant-Nctm acted as legal advisor to IGT and KPMG acted as financial due diligence and tax advisor to IGT.