Poste Italiane goes shopping in the market of digital payments. The group led by Matteo Del Fante, through its subsidiary active in payment cards, Postepay, signed a binding agreement for the acquisition of 100% of Lis Holding (formerly Lottomatica Italia Servizi) from International Game Technology PLC for 700 million euros. The acquisition, financed with own resources, is based on an enterprise value of 630 million euros and free cash of 70 million. Despite the acquisition, the share dropped by 2,41% to 10,12 euros when the Ftse Mib dropped by 2,8%.
The company active in the Italian market of proximity payments it has a network of around 54 authorized points of sale and offers services such as the payment of bills, prepaid payment cards, telephone top-ups and vouchers and other solutions for merchants and businesses. All thanks to a proprietary paytech platform.
In 2021, Lis generated a gross turnover of approximately 228 million euros and an Ebitda of approximately 40 million euros. The acquisition "will strengthen Poste Italiane's presence in a rapidly growing market such as payments, creating value for the company and for all stakeholders and marking further progress in the context of the group's integrated omnichannel strategy", reads in a postal note.
The operation is in line with the omnichannel strategy integrated into the core of the business plan and remains subject to customary closing conditions, including “obtaining regulatory approvals”. The closing of the transaction is expected within the third quarter of 2022.
Matteo Del Fante, CEO and general manager of Poste Italiane, commented on the transaction as follows: “This acquisition represents a milestone in our journey aimed at creating an ecosystem of integrated services for the benefit of all our customers, with the aim to accelerate the transition to electronic payment instruments and to increase the value generated for stakeholders”.
