Brightstar Lottery Completes Gaming & Digital Sale, Announces $1.1B Shareholder Capital Return
LONDON – Brightstar Lottery, formerly known as International Game Technology PLC (NYSE: IGT), has finalized the sale of its Gaming & Digital business to a holding company managed by affiliates of Apollo Global Management, Inc. (NYSE: APO). Effective July 2, 2025, Brightstar Lottery will begin trading on the New York Stock Exchange under the new ticker symbol BRSL, while maintaining its existing CUSIP number.
The transaction marks a pivotal strategic shift for Brightstar, positioning it as a pure-play global lottery company with a sharpened focus on sustainable growth and shareholder value. CEO Vince Sadusky praised the team’s commitment and innovation, stating, “Today marks an exciting new chapter… Our future-forward mindset and dedication to our lottery customers have laid the foundation for a strong financial position and predictable cash flows.”
Key Financial Highlights
The company received approximately $4.0 billion in net proceeds from the sale, which will be allocated as follows:
- $2.0 billion for debt reduction:
- Full redemption of 4.125% Senior Secured U.S. Dollar Notes (due April 2026) and 3.500% Senior Secured Euro Notes (due June 2026).
- €300 million prepayment on Term Loan Facilities (due January 2027).
- Prepayment of the Revolving Credit Facilities (due July 2027).
- $1.1 billion capital return to shareholders:
- A $3.00 per share special cash dividend will be paid on July 29, 2025, to shareholders of record as of July 14.
- A newly authorized $500 million share repurchase program, replacing the existing authorization, will run over the next two years.
- $500 million allocated to fund Italy Lotto license payments.
- $400 million reserved for general corporate purposes.
Strengthening the Balance Sheet
Brightstar emphasized its commitment to maintaining a robust financial structure. The company targets a net debt leverage ratio of around 3.0x, with pro forma leverage as of March 31, 2025, reported at 3.5x after accounting for transaction costs, upfront Italy Lotto payments, and the capital return to shareholders.
Marco Sala, Executive Chair of Brightstar, highlighted the broader implications of the deal: “The balanced allocation of proceeds to significantly reduce debt and return substantial capital to shareholders reflects the Board’s commitment to enhancing long-term value.”
Brightstar’s evolution follows a nearly 50-year legacy in the lottery industry and is expected to further cement its position as a global leader in responsible and innovative lottery solutions. The company serves nearly 90 lottery customers across six continents and will continue leveraging its expertise across operations, digital services, and game development.
