Gamma Intermediate selling 6.4% stake in Italy's Lottomatica (updated)
18/01/2024 07:50
(Updates JAN 17 story with pricing detail, paragraphs 1-2)
ROME, Jan 18 (Reuters) - Italian gaming group
Lottomatica LTMC.MI said on Thursday that majority shareholder
Gamma Intermediate had completed the sale of a 6.4% stake, or 16
million shares, worth 152 million euros ($166 million).
The sale was conducted through an accelerated book building
process at 9.50 euros per share, at a 9% discount on the stock's
Wednesday closing price of 10.46 euros.
The placement was aimed at institutional investors and there
was no public offering.
Gamma will retain a direct stake of 65.4% of Lottomatica's
share capital.
Gamma has agreed to a 90-day lock-up for its remaining
shares, subject to a waiver from the offering's joint global
coordinators.
Barclays and Deutsche Bank are acting as joint global
coordinators and joint bookrunners. Apollo Capital Solutions
Europe B.V. is also a joint bookrunner.
The settlement for the placement is expected on or around
Jan. 22.
($1 = 0.9174 euros)
(Reporting by Francesca Piscioneri and Alessandro Parodi;
editing by Mark Potter and Jason Neely)
((francesca.piscioneri@tr.com; +390680307713;))