IGT completes $4bn gaming and digital business sale to Apollo
IGT completed the sale of its gaming and digital businesses to Apollo Management for $4bn, according to the report. Jefferies analyst David Katz said IGT planned to use proceeds to repay $2bn of debt, pay a $3-per-share special dividend and repurchase $500m of stock; he also cited $500m for Italy Lotto lease payments and $400m for general corporate purposes. IGT will focus on its lottery business, the report said.
IGT’s planned use of sale proceeds and lottery focus clarify its financial priorities and future business direction.