Lottomatica’s majority shareholder Gamma Intermediate has started selling 16 million shares, or a 6.4% stake, in the Italian gaming group, Lottomatica said on Wednesday.
The sale is being conducted via an accelerated book building process, where the managers of the offering take bids from investors to eventually determine the price of the sale.
At Wednesday’s closing price, 16 million Lottomatica shares would be worth around 167 million euros ($181 million).
Gamma Intermediate will retain a direct stake of 65.4% of Lottomatica’s share capital at the end of the placement.
Gamma has agreed to a 90-day lock-up for its remaining shares, subject to a waiver from the offering’s joint global coordinators.
The placement is targeted at institutional investors. There will be no public offering.
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 final terms of the placement are expected to be announced by Jan. 18.
Settlement for the placement is expected to take place on or around Jan. 22.
Source: Reuters.com