Poste Italiane to buy LIS for 700 million euros to strengthen payment business

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FILE PHOTO: Poste Italiane headquarter is seen in Rome

MILAN (Reuters) - Poste Italiane said on Monday it had agreed to acquire LIS Holding S.p.A. from International Game Technology Plc for a total consideration of 700 million euros ($781.20 million) to boost its exposure to the fast growing payments market.

The acquisition, based on an enterprise value of 630 million euros and net unrestricted cash for 70 million euros, will be fully funded with available cash resources, Italy's postal service said in a statement.

The deal, whose closing is expected by the third quarter of this year, is also meant to consolidate the growth of Poste's digital services unit PostePay in the so-called proximity payment business, which refers to payments done via mobile phone at physical points of sale, and boost its product offering.

($1 = 0.8961 euros)

(Reporting by Agnieszka Flak, editing by Giulia Segreti)