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IGT completes €700m sale of Italian payments business

15th September 2022 11:08 am GMT
IGT

New York-listed International Game Technology (IGT) has completed the sale of its Italian payments business to PostePay, a subsidiary of Italian postal service provider Poste Italiane.

Initially announced in February, the €700m negotiated sale price represents an enterprise value of €630m and approximately €70m of net unrestricted cash.

The business held approximately €140m in unrestricted cash at closing, with the increase primarily attributable to the timing of vendor payments and operating cash flows since 31 December 2021.

The [...]

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