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PostePay

  • Client:
    PostePay
  • Transaction:
    M&A
  • Date:
    February 2022
  • Sector:
    Financial institution

PostePay

  • Mandate:

    Vitale has advised Poste Pay within the agreement for the acquisition of LIS

    Poste Italiane S.p.A. (“Poste Italiane”) through its fully owned subsidiary PostePay S.p.A. (“PostePay”) has signed a definitive agreement to acquire 100% of LIS Holding S.p.A. (LIS) from International Game Technology PLC (IGT), for a total consideration of €700 million, based on an Enterprise Value of €630 million and a net unrestricted cash for €70 million.

    LIS is active in the Italian proximity payment market through a network of nearly 54,000 affiliated points of sale, offering services including bill payments, prepaid payment cards, telco and e-vouchers top-ups and merchant and enterprise service solutions. LIS relies on a proprietary paytech platform, enjoying internal scale, technology and capabilities.

    LIS generated approximately €228 million gross revenues and approximately €40 million EBITDA in 2021. The acquisition will increase Poste Italiane’s exposure to the fast-growing payments market, creating value for all stakeholders, furthering the Group’s integrated omnichannel strategy.

    Vitale acted as lead financial advisor to Poste Italiane and PostePay, offering support in the coordination of due diligence activities, in the structuring of the transaction, in the negotiation phases and in the valuation analysis.
     

  • Deal value:

    €700m

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