IPO by US private equity firm will list Lottomatica on Borsa Milan

Lea Hogg 1 year ago
IPO by US private equity firm will list Lottomatica on Borsa Milan

Apollo Global has finalized preparations to list Lottomatica on Borsa Milan, the Euronext Milan Exchange.

It is estimated that US $467 million will be raised through an IPO (initial public offering)  to return Lottomatica to the Borsa Milan. This will reduce the company’s current debt and reserved funds will be distributed to shareholders.

Lottomatica’s net debt is expected to fall to €1.43 billion as a result of the transactions. This is approximately 2.4 times the forecast adjusted EBITDA for financial year 2023.

Preliminary profits for the first quarter of 2023 were also revealed, with revenues increasing by up to 20 per cent to US $465 million and adjusted EBITDA increasing by up to 25 per cent to US $172 million.

The company’s internet activities, including the latest acquisition, were the key drivers of growth. The business maintained its sales projection for the year of US $1.76 billion and EBITDA of US $627 million, with online EBITDA projected to reach at least US $302 million.

Milan listing

A Milan listing would mean an exit for Apollo of the Italian gaming sector, where the US private equity firm funded Italian gambling business Gamenet’s US $1.1 billion acquisition of Lottomatica’s B2C assets in 2021.

The acquisition altered the landscape of Italian gambling, as GameNet assumed the historical name of Lottomatica to become the market’s largest land-based operator.

Lottomatica has been transformed as it now manages a franchise network of 3,000 betting stations, 1,400 gaming halls, 13,600 tobacconist/bar gaming machines, and 120 gaming venues.

Lottomatica

Lottomatica S.p.A. is one of Europe’s leading operators and the first Italian company approved by the Customs and Monopoly Agency in the legal gaming sector.

The Group operates in the following business in sports betting and online gaming, AWPs (amusement with prizes) and VLTs (video lottery terminals), direct administration of gaming halls, and proprietary AWPs.

Lottomatica is an industry leader in all categories of operations, offering secure and entertaining gaming experiences across all sales channels. The company employs a workforce or nearly 2000 with around 16,000 more people employed by the franchising network..

Apollo Global

Since it was established in1990, Apollo Global have built a track record of success in alternative B2B and B2C investments serving institutional and individual investors across risk-return strategies in yield, hybrid and equity strategies. The company has offices around the world and employs more than 2,100 employees with nearly 700 of them being professional experts in the financial services sector.

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