written and last updated by
Sam Smith at
28 Feb 2022
Journalist, Editorial Department
International Game Technology (IGT) has announced that its subsidiary, IGT Lottery S.p.A., has signed a definitive agreement to sell its Italian contactless payments business. The operator PostePay will be acquired by LIS Holding, which will pay IGT €700 million (approximately $781 million), with €70 million to be paid in non-revolving cash.
The IGT Board of Directors has already approved the deal; however, the final sale is contingent upon several formalities that have yet to be resolved. For instance, the transaction must receive approval from the relevant authorities and responsible officials. The sale agreement is expected to be signed by the parties in the third quarter of 2022.
Under the terms of the agreement, IGT will sell LIS Holding (LISPAY) two wholly-owned subsidiaries that currently provide complementary contactless payment services.
UBS AG will serve as the lead financial advisor and transaction expert for IGT, while legal advice will be provided by Advant-Nctm and tax consulting by KPMG.
IGT CEO Vince Sadusky commented, "This transaction allows us to monetize IGT's leadership in the contactless payments market in Italy at an attractive price. Meanwhile, we continue to execute our long-term strategy."
He added, "Optimizing our portfolio of products and solutions enables us to focus our efforts and resources on core and strategic assets. Today, we position IGT as an industry leader, making it prudent to enhance the company's shareholder value."
The CEO also noted that the business being sold generated approximately €228 million in revenue in 2021.
Additionally, it is worth mentioning that some of the world's largest gaming companies have launched a joint project in celebration of International Women's Day.
