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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

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IGT sells Italian gaming businesses to Gamenet for 950 mln euros

12/07/2020 | 07:30am EDT

MILAN, Dec 7 (Reuters) - U.S.-listed gaming group IGT said on Monday it had agreed to sell its Italian gaming machine, sports betting and digital gaming businesses to Apollo's Gamenet Group for 950 million euros ($1.2 billion) in cash.

The deal values the two businesses - Lottomatica Videolot Rete and Lottomatica Scommesse - at around 1.1 billion euros including debt, IGT said, adding the sale of the units would happen at "an attractive multiple".

Net proceeds from the sale, which is expected to close in the first half of next year, will be used primarily to reduce debt, IGT said.

"The rebalancing of our business and geographic mix reframes and simplifies our priorities while improving the company's future profit margin, cash flow generation, and debt profile," IGT Chief Executive Marco Sala said in a statement.

IGT's Italian business was delisted from the Milan bourse in 2015 following the acquisition of its U.S. subsidiary. IGT will retain some gaming activities in Italy, including the popular lotto game.

Credit Suisse acted as financial adviser for IGT on the deal, UBS as financial and fairness opinion adviser while White & Case and NCTM advised on legal issues.

Mediobanca, Barclays and law firms Paul, Weiss, Rifkind, Wharton & Garrison, Cleary, Gottlieb, Steen & Hamilton and Latham & Watkins advised the buyer.

($1 = 0.8260 euros)

(Reporting by Francesca Landini. Editing by Jane Merriman)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.44% 182.1 Delayed Quote.23.55%
CREDIT SUISSE GROUP AG 1.01% 9.018 Delayed Quote.-21.56%
INTERNATIONAL GAME TECHNOLOGY PLC 3.22% 22.44 Delayed Quote.32.47%
MEDIOBANCA S.P.A. 0.70% 10.01 Delayed Quote.31.83%
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Sales 2021 22 482 M 24 301 M 24 301 M
Net income 2021 539 M 582 M 582 M
Net Debt 2021 - - -
P/E ratio 2021 42,5x
Yield 2021 1,94%
Capitalization 21 562 M 23 380 M 23 306 M
Capi. / Sales 2021 0,96x
Capi. / Sales 2022 0,98x
Nbr of Employees 49 240
Free-Float 90,9%
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Thomas Gottstein Chief Executive Officer
David Richard Mathers Chief Financial Officer
Antˇnio Mota De Sousa Horta-Osorio Chairman
James Walker Chief Operating Officer
Thomas Grotzer Global Head-Compliance
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