Lottomatica, a subsidiary of International Game Technology PLC (“IGT”) (NYSE: IGT), has entered into a consortium to bid for the Italian Lotto tender. In addition to Lottomatica, consortium members include Italian Gaming Holding (IGH), a subsidiary of SAZKA Group a.s. and EMMA Capital LTD; Arianna 2001 S.p.A., an entity affiliated with the Federation of Italian Tobacconists; and Novomatic Italia S.p.A. The consortium members bring the strategic and operational expertise and financial resources to deliver an unparalleled solution to provide for the continued success of the Lotto game in Italy.
Under the terms of the consortium agreement, Lottomatica will serve as the principal operating partner to fulfill the requirements of the Lotto license. The consortium submitted its bid on March 16, 2016, in accordance with the submission deadline for the Lotto tender.
If the consortium is awarded the Lotto concession, a joint venture company will be established. Lottomatica will have 61.5% equity ownership and IGH, Arianna 2001, and Novomatic Italia will have 32.5%, 4%, and 2% share, respectively. Lottomatica will appoint a majority of the joint venture board and will enter into a contract with the joint venture to provide technology products and services for the Lotto.
If the parties are unable to reach agreement upon certain specified matters or if the joint venture’s cash flow generated in the first year of operation falls below a pre-determined level, IGH may put its entire joint venture interest to Lottomatica and, in certain cases, Lottomatica may exercise a call option to acquire IGH’s entire joint venture interest.
Tomorrow, (Thursday, March 17), IGT will host a conference call at 8:00 a.m. EDT / 12:00 p.m. GMT / 1:00 p.m. CET to present its fourth quarter and full year 2015 results. Listeners may access a live webcast of the conference call along with accompanying slides under “News, Events and Presentations” on IGT’s Investor Relations website at www.IGT.com. A replay of the webcast will be available on the website following the live event. To listen by telephone, the dial in number is +44 (0) 20 3427 1904 for participants in the United Kingdom and +1-646-254-3362 for listeners outside the United Kingdom. The conference ID/confirmation code is 6623346. A telephone replay of the call will be available for one week at +44 (0) 20 3427 0598 or +1-347-366-9565 using the conference ID/confirmation code 6623346.
IGT (NYSE: IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 13,000 employees. For more information, please visitwww.IGT.com.