Italian gaming group Lottomatica, said 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.
