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Yasmin Moore February 28, 2022 3 min read
IGT Agrees to Sell Italian Proximity Payment Brands to PostePay for $785M
International Game Technology, а multinational slot machine and gambling tech producer, has revealed that it will sell its Italian proximity payment business to the prepaid card provider PostePay in a $785 million deal.
IGT Will Use the Money to Pay Its Debts
The agreement will see PostePay purchase LIS Holding directly from IGT and acquire LISPAY indirectly. Both of those brands work in the payment sector and have grown to have a significant influence in the country.
According to IGT’s revenue figures, LIS Holding and LISPAY collectively had revenue of $256 million and EBITDA of $45 million in 2021 alone. The company emphasized that those high earnings are thanks to the trends in the Italian proximity payments sector.
For IGT, selling the two subsidiaries means a way for the company to reduce some of its debts. The company’s board of directors has officially approved the sale and expects to close it by Q3 of 2022. Before that, the deal will have to pass all necessary conditions and regulatory approvals.
By acquiring the two brands, PostePay will gain the upper hand in the Italian market by possessing one of the most reputable proximity payment businesses. IGT’s subsidiaries have 54,000 points of sale in Italy and provide bill payments, vouchers, and prepaid cards among other payment services.
The Deal Will Help IGT to Streamline Its Business
IGT’s chief executive officer, Vince Sadusky, spoke on the deal, noting that it provides his company with a great opportunity to monetize its leadership in the Italian proximity payment business. He explained that the “attractive value” of the sale will help the company with its long-term strategy. Furthermore, it will streamline IGT’s business and help it focus its funds where it matters the most:
“Streamlining our products and solutions portfolio enables us to focus our efforts and resources on our core and strategic assets, as we position IGT for industry leadership and increased shareholder value.”IGT’s chief executive officer, Vince Sadusky
In late January 2022, IGT underwent key inner restructuring which saw Marco Sala, the former CEO, appointed as the executive chairman of the board. Following the changes in leadership, IGT’s February saw the company sign several deals with various gambling companies.
At the beginning of this month, the tech company inked a five-year extension to its contract with Manitoba Liquor and Lotteries Corporation. On February 18, IGT expanded its presence in Washington by signing a deal with the Kalispel Tribe. A few days ago, IGT penned an extension of its contract with the Rhode Island Lottery that will keep IGT as the latter’s main supplier for two more decades.