IGT Agrees To Sell Italian Proximity Payment Business For €700M

International Game Technology PLC (NYSE:IGT) subsidiary IGT Lottery S.p.A. has agreed to sell its Italian proximity payment business to PostePay S.p.A. – Patrimonio Destinato IMEL for €700 million.
Under the agreement, IGT will sell LIS Holding S.p.A. and indirectly LISPAY S.p.A., two wholly-owned subsidiaries conducting IGT's proximity payment business through a payment technology platform and a network of 54,000 points of sale.
IGT will use net proceeds from the transaction primarily to reduce debt.
"This transaction provides us with an opportunity to monetize IGT's market leadership in the Italian proximity payment business at an attractive value as we continue to execute our long-term strategy," said Vince Sadusky, IGT CEO.
The transaction is expected to close during the third quarter of 2022.
Price Action: IGT shares closed higher by 4.37% at $30.32 on Friday.