IGT completes $699M sale of its Italian proximity payment business to PostePay – uBetMobile.com

Dave Petchy
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Igt completes $699M sale of its Italian proximity payment business to PostePay – Yogonet International

IGT completes $699M sale of its Italian proximity payment business to PostePay – uBetMobile.comIgt-g2e-2019-stand-wide.jpg” alt=”Igt completes $699M sale of its Italian proximity payment business to PostePay ” />

Igt.com/” target=”_blank” rel=”noopener”>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.

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IGT completes $699M sale of its Italian proximity payment business to PostePay – uBetMobile.com

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Dave Petchy

I am a passionate, dedicated guy who's been living in London for 10 years now. I love good food, being creative, cycling and having fun. I'm a firm believer that anything worth achieving is worth working hard for and that you should always challenge yourself to be the best version of you possible. I work as an editor at Petchy Media – the award-winning news site that makes quality journalism accessible to everyone. I've also written for The Guardian and worked with brands like Nike, Adidas and KFC on content production projects.
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, IGT completes $699M sale of its Italian proximity payment business to PostePay – uBetMobile.com
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