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

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  • International Game Technology PLC 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.
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