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.
ROME (Reuters) -Poste Italiane holds less than 10% of the 2.3 billion euros ($2.6 billion) in tax credits offered for building refurbishment that have been frozen by Italy's tax police, a document presented to parliament and seen by Reuters showed. In an attempt to ease fears over its level of exposure, Poste said in the document that less than 3% of the tax credits it had bought had been seized, against a 7% average for other financial institutions involved. People are allowed to sell the tax credits to companies or financial institutions.
Italian postal service Poste Italiane is considering expanding its payments operations through the acquisition of card processing and electronic payments group LIS Holding, a person familiar with the matter said on Thursday. LIS Holding, which controls LIS Pay, is a unit of IGT Lottery, an Italian sub-holding owned by New York-listed International Game Technology, the gaming group controlled by Italy's De Agostini holding company. A transaction involving LIS Pay would be the latest evidence of robust merger and acquisition activity in the payments sector, which is rapidly consolidating on the back of rising competition and the large investments in technology needed.