US-listed International Game Technology has agreed to sell its Italian gaming arm to Apollo Global Management-backed Gamenet for €950 million (around $1.2 billion) in cash.
The deal includes IGT's B2C gaming machine, sports betting and digital gaming operations in Italy, which are valued at around €1.1 billion. The businesses, Lottomatica Videolot Rete and Lottomatica Scommesse, generated roughly €207 million in aggregated adjusted EBITDA in 2019.
Apollo has been aggressively pursuing gaming deals of late. The PE firm put forward a bid for UK bookmaker William Hill, but lost out to a $3.7 billion offer from Caesars Entertainment. It was still in the running for William Hill's European arm as of early November, according to The Telegraph.
Last month, Apollo also agreed to invest €500 million in Czech lottery operator Sazka. Around the same time, it struck a deal to buy Great Canadian Gaming Corporation that valued the company at C$3.3 billion (around $2.6 billion). Apollo bought a stake in Gamenet for €182.5 million last year.