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LONDON - Brightstar Lottery, formerly International Game Technology PLC (NYSE:IGT), announced Tuesday it has completed the sale of its Gaming & Digital business to a holding company owned by funds managed by Apollo Global Management affiliates for approximately $4 billion in net cash proceeds.
The company will begin trading under its new ticker symbol, BRSL, on the New York Stock Exchange starting July 2, 2025. No action is required from current stockholders as the CUSIP will remain unchanged. For investors interested in Apollo’s performance, InvestingPro analysis shows the stock is currently trading below its Fair Value, with 8 additional ProTips available to subscribers.
Brightstar plans to allocate the proceeds from the transaction in several ways, including $2 billion for debt reduction focused on near-term maturities. This includes redeeming the 4.125% Senior Secured U.S. Dollar Notes due April 2026, the 3.500% Senior Secured Euro Notes due June 2026, and prepaying €300 million of Term Loan Facilities due January 2027.
The company will return $1.1 billion to shareholders through a $3.00 per share special cash dividend payable on July 29, 2025, to stockholders of record as of July 14, 2025. Additionally, the Board has authorized a new $500 million two-year share repurchase program, replacing the existing one.
The remaining proceeds will be allocated with $500 million partially funding upcoming Italy Lotto license payments and $400 million for general corporate purposes.
"The sale of the Gaming & Digital business positions Brightstar for an exciting future," said Marco Sala, Executive Chair of Brightstar, in a press release statement.
The company aims to maintain a target net debt leverage around 3.0x. Pro forma for the transaction, the net debt leverage as of March 31, 2025, was 3.5x.
In other recent news, Apollo Global Management has agreed to provide £4.5 billion in financing to Électricité de France (EDF) for projects in the United Kingdom, including the Hinkley Point C nuclear power station. This transaction marks one of the largest sterling-denominated note issuances and the largest capital funding transaction executed by EDF. The financing aims to address a key funding gap for the Hinkley Point project, which has faced cost overruns, with its estimated cost now nearing £46 billion. Additionally, Apollo is preparing to finance Neinor Homes SA with approximately €750 million for a potential acquisition of Aedas Homes SA, which could result in Spain’s largest property developer. Meanwhile, Wolfspeed Inc. is nearing a bankruptcy deal that would transfer control to lenders, including Apollo, as part of a restructuring plan to reduce its debt burden. In a separate development, International Game Technology PLC has rebranded its lottery business as Brightstar Lottery ahead of the sale of its Gaming and Digital business to Apollo-affiliated funds. This rebranding aligns with the company’s focus on lottery operations and its anticipated transition to standalone operations post-sale.
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