International Game Technology PLC (IGT) announced that it has sold 100% of its Italian share capital to Gamenet Group for $1.15bn.
IGT owns B2C sports betting, gaming machine, and digital gaming businesses which it has now sold to Gamenet which is a subsidiary of funds managed by an affiliate of Apollo Global Management, Inc., according to Gambling Insider.
The company took the decision in light of impending debts of $7.24bn as of September 2020.
According to report by Gambling Insider, IGT CEO Marco Sala said: “The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility.”
He added, “Aligning with our recent reorganization, the favourable 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.”