Lis (formerly Lottomatica Italia Servizi), all the accounts of the company bought by Poste
Poste Italiane, through Postepay, purchases Lis from Igt for 700 million with the aim of accelerating the transition to electronic payments. Here is Lis's balance sheet
Poste Italiane strengthens its position in the digital payments market with Lis.
The operation – highlights Poste – "will strengthen Poste Italiane's presence in a rapidly growing market such as payments, creating value for the company and for all stakeholders and marking further progress in the integrated omnichannel strategy of group. The growth of PostePay also consolidates in the proximity payments market, strengthens the acquiring services and the products offered to SMEs in line with the omnichannel strategy integrated at the heart of the '24SI' plan ". That is the strategic plan to 2024 'Sustain & Innovate' launched by the CEO Matteo Del Fante in March 2021.
The board of directors of Poste Italiane and PostePay approved the transaction which remains subject to customary closing conditions, including obtaining regulatory approvals.
All the details.
THE OPERATION
Poste Italiane, through its subsidiary PostePay, has signed a binding agreement for the acquisition of 100% of Lis Holding from International Game Technology (Igt) for a total consideration of 700 million euros, based on an Enterprise Value of 630 million euro and a net cash available of 70 million.
The acquisition will be financed entirely with available cash resources, thanks to the solid liquidity position of the group, the note specifies.
CLOSING
The closing of the transaction is expected by the third quarter of 2022.
THE ADVISORS
Assisting Poste Italiane and PostePay in the transaction are Vitale & Co. as lead financial advisor and BofA as fairness opinion provider. Cappelli-RCCD, on the other hand, acts as legal consultant for Poste Italiane and PostePay.
THE ITALIAN POSTE STRATEGY
The acquisition "represents a milestone in our path aimed at creating an ecosystem of integrated services for the benefit of all our customers, with the aim of accelerating the transition to electronic payment instruments and increasing the value generated for stakeholders. ”, Comments the CEO of Poste Italiane Del Fante.
“The implications for Poste Italiane would be interesting” MF comments. “PostePay could equip itself with an additional capillary distribution network that would operate in parallel with the post office counters. Not only that, but those who push forward with the scenarios argue that once enhanced, PostePay could also be subsequently enhanced, generating returns for shareholders, including the government which is the main shareholder through Mef and Cdp ".
WHAT LIS DOES
Lis is active in the Italian proximity payments market through a network of approximately 54,000 affiliated sales points. The Milanese company offers services, including payment of bills, prepaid payment cards, top-ups for telephony and vouchers and other solutions for merchants and businesses. Furthermore, the company uses a proprietary paytech platform, benefiting from economies of scale, technologies and skills.
It has over 100 employees.
CONTROLLED BY IGT LOTTERY SPA
With a share capital of over 2.5 million euros, Lis is 100% controlled by Igt Lottery Spa.
THE TOP
In addition to the CEO Francesco Sebastiano Marrara, the board of directors includes: Dario Rapisarda; Roberto Saracino; Luciano Cavazzana and Miguel Bertuzzi (president).
ALL THE NUMBERS
In 2021 Lis generated a gross turnover of approximately 228 million and an Ebitda of approximately 40 million, the note reads.
The company closed the 2020 financial statements (the last to be filed) positively. The profit amounted to € 22.4 million. In 2020, revenues amounted to 54.4 million euros, up 9% compared to the previous year. Costs stand at 42 million in 2020, up from 35 million in 2019.
Total debt amounted to 129 million in 2020, down from 142.8 million in 2019.
BREAKDOWN OF REVENUES
According to the financial statements, the increase in turnover is attributable to revenues from sales network fees due to the new LisOmnia offer which brought incremental revenues of € 6.1 million. In addition to the effect of the new commercial offer relating to revenue stamps. Revenues from tobacconists' stamps amounted to 7.4 million euros, up 15% compared to 2019.
At 31 December 2020, the network service connected with payments (which represents the consideration that Lis receives for making the technology available) recorded revenues of € 15 million, up 18% compared to 2019.
The auto processing tax service for Lis ceased in December 2019. Since 2020 the payment of the Auto tax stamps has been carried out on the DigidPa platform. Rents on the sales network went from 3.6 million euros to 8.9 million euros in 2020.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/lis-ex-lottomatica-italia-servizi-tutti-i-conti-della-societa-comprata-da-poste/ on Mon, 28 Feb 2022 11:19:09 +0000.