(Finance) – Italian post, through its subsidiary PostePayhas signed a binding agreement for the acquisition of 100% of LIS Holding from International Game Technology (IGT) for a total consideration of 700 million eurosbased on an Enterprise Value of € 630 million and net cash available of € 70 million.
The acquisition will be financed entirely with available cash resources, thanks to Poste Italiane’s solid liquidity position.
LIS is active in the Italian proximity payments market through a network of approximately 54,000 affiliated sales points and offers services, including payment of bills, prepaid payment cards, telephone top-ups and vouchers and other solutions for merchants and businesses. LIS uses a proprietary paytech platform, benefiting from economies of scale, technologies and skills.
In 2021 LIS generated a gross turnover of approximately 228 million and an Ebitda of approximately 40 million. The acquisition will strengthen Poste Italiane’s presence in a rapidly growing market such as payments, creating value for the company and for all stakeholders and marking a further advancement in the context of the Group’s integrated omnichannel strategy.
The boards of directors of Poste Italiane and PostePay have approved the transaction which remains subject to customary closing conditions, including obtaining regulatory approvals.
The closing of the transaction is expected by the third quarter of 2022.