International Game Technology Completes Sale Of Italian Commercial Payment Business To PostePay

(RTTNews) - International Game Technology PLC (IGT) said that its wholly owned subsidiary IGT Lottery S.p.A. has completed the sale of its Italian proximity payment business to PostePay S.p.A. - Patrimonio Destinato IMEL for 700 million euros.

The negotiated sale price represented an enterprise value of 630 million euros and approximately 70 million euros of net unrestricted cash. The business held about 140 million euros in unrestricted cash at the closing.

IGT noted that it will use the proceeds from the transaction primarily to pay transaction expenses and reduce debt.