IGT’s Italian B2C businesses has been acquired by Gamenet Group, a subsidiary of the Apollo-backed Gamma Bidco. Strategically, this acquisition marks the creation of the undisputed market leader in the Italian gaming sector, effectively doubling the group’s size and significantly enhancing its competitive moat across online and retail channels. The rationale for the deal centers on achieving significant cost synergies—projected at up to 50 million EUR annually within 24 months—and the vertical integration of high-quality B2C assets. Despite the market uncertainty of the COVID-19 pandemic, the transaction demonstrates a strong conviction in the resilience of the Italian regulated gaming market and the scalability of Gamenet's platform.

LOTTOMATICA, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN lower than the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.