Poste Italiane has announced it has completed the acquisition of LIS Holding S.p.A. (LIS) from International Game Technology PLC (“IGT”).
The company paid for the acquisition of 100% of the share capital of LIS is equal to €700m, including conventional net unrestricted cash of €70m.
As a long-standing commercial partner of Poste Italiane, LIS relies on a proprietary pay tech platform and capabilities and is active in the Italian proximity payment market through a network of nearly 54,000 affiliated points of sale. LIS offers services such as bill payments, prepaid payment cards, telco & e-vouchers top-ups as well as merchant and enterprise service solutions. LIS also provides an integrated management of all merchant back-office activities as well as payment and commercial services to customers.
LIS generated €228m gross revenues and €40m EBITDA in 2021 and €132m gross revenues and €24m EBITDA (+16% year-on-year) in H1-22.
In line with the integrated omnichannel strategy at the heart of the 24SI plan, LIS will consolidate PostePay’s leadership in the payment business and digital services ecosystem.
PostePay will leverage LIS’s technological know-how to expand its product offering and strengthen solutions available for Small & Medium Enterprises.
Key to Poste Italiane’s integrated omnichannel distribution platform, PostePay provides solutions for the daily needs of customers through the integration of payment and telecommunication services as well as a full retail offer in the energy sector. PostePay manages 28.3m payment cards and around 10m digital wallets as of 30 June 2022. Revenues for the Payments & Mobile segment were up 21% in the first half of 2022.
Poste Italiane CEO and General Manager Matteo Del Fante, commented: “LIS’s acquisition represents the largest M&A deal in Poste Italiane’s history, testifying the commitment to increase our market share in a fast-growing payment segment, strengthening PostePay’s positioning as a leading pay tech company and further contributing to the implementation of our omnichannel strategy. We welcome the management team and all employees and are pleased that LIS delivered first-half results in line with our expectations, further accelerating in the second half of 2022. The full control of LIS’s proprietary platform along with the internalization of its technological know-how, will allow us to further pursue our omnichannel and payments strategy.”
Source: Poste Italiane
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