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IGT to Sell Lottomatica for €950M
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Lottomatica Holding S.r.l., the wholly-owned subsidiary of International Game Technology PLC (IGT), has signed a definitive agreement to sell one hundred percent (100%) of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l. to Gamenet Group S.p.A.
“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. Aligning with our recent reorganization, the favorable 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,” Marco Sala, CEO of IGT, said.
The sale price is €950 million, with €725 million payable at closing, €100 million payable on 31 December 2021 and the remaining €125 million payable on 30 September 2022. IGT will use net proceeds from the transaction primarily to reduce debt.
The Board of Directors of IGT has unanimously approved the transaction, which remains subject to customary closing conditions, including regulatory approvals. IGT expects that the transaction will close in the first half of 2021.
Credit Suisse International is acting as lead financial advisor to IGT, UBS is acting as financial advisor and fairness opinion advisor to IGT and its Board of Directors, and White & Case and NCTM are advising IGT. Mediobanca, Paul, Weiss, Rifkind, Wharton & Garrison LLP and the Italian offices of Cleary, Gottlieb, Steen & Hamilton LLP and Latham & Watkins, LLP are advising the buyer.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: IGT to Sell Lottomatica for €950M
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Sought-after software provider’s enhanced Premium release sees players step into the glow of the Far East as wild symbols and Quadspins combine for huge rewards
With Swintt having already opened the way to a world of wonder in the original Lucky Fortune Door, this month the award-winning software provider is back in action again with Lucky Fortune Door Wild – an exciting reboot that gives players even more ways to win!
Like its SwinttPremium predecessor, Lucky Fortune Door Wild is a five-reel slot that can be played with either five or ten paylines. Boasting an engaging Far East theme, the slot combines dragons, yin and yang pendants and coins with new golden ingot wilds that substitute for all other symbols.
The good news for fans of the original game is that the slot’s signature Quadspin mechanic again makes a welcome return. Activated whenever a win of at least 4x the bet is triggered, players will have the choice to either claim their current prize or gamble a portion of it to activate Quadspins.
Should they decide for the latter option, the gameboard will be divided into four separate reel sets to potentially quadruple the prizes on offer – and of course, with substitute wilds now also in play, the chances of players landing the slot’s maximum 6,000x win multiplier will be greatly increased.
As a further incentive, during Quadspins, an extra mystery symbol is also added to the reels. Should any instances of this icon appear on any of the four reel sets, they will be replaced by a random matching symbol to create additional payline wins and generate potentially huge prizes.
On top of this, should players continue to land wins of 4x their bet or greater during Quadspins, they can elect to remain in the feature for longer. With a maximum of 50 Quadspin available per set, the odds of them embarking on a prolonged winning streak are, therefore, much more likely.
To cap it off, all wins in Lucky Fortune Door Wild are paid from both left-to-right and right-to-left, meaning that no matter how aggressively players choose to play, fortune is only ever a spin away.
David Mann, Chief Commercial Officer at Swintt, said: “With Swintt’s signature Quadspin mechanic proving a hugely popular addition to our Premium line-up, we’re delighted to be giving the feature another outing in Lucky Fortune Door Wild. Offering the same great gameplay as the original release but now with added wilds, it’s sure to be a big hit with players and operators alike.”
The post Swintt bring players four times the fun in Lucky Fortune Door Wild appeared first on European Gaming Industry News.
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The post PHP13 MILLION UP FOR GRABS IN PAGCOR’S LINKED BINGO EVENT appeared first on European Gaming Industry News.
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