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4-Traders Homepage  >  Equities  >  Nyse  >  International Game Technology PLC    IGT   GB00BVG7F061

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International Game Technology : IGT-led Joint Venture, Lotterie Nazionali, Accepts Nine-Year Extension for the Italian Scratch & Win Concession

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12/14/2017 | 10:35pm CET

By a News Reporter-Staff News Editor at Marketing Weekly News -- International Game Technology PLC ("IGT") (NYSE:IGT) announced that Lotterie Nazionali S.r.l., a joint venture which is the exclusive manager of Scratch & Win in Italy and owned 64% by IGT subsidiary Lottomatica Holding, and directly and indirectly owned 20% by Scientific Games Corporation and 16% by Arianna 2001, has accepted a nine-year contract extension for the Italian Scratch & Win concession.

The acceptance follows a communication received from the Italian regulator Agenzia delle Dogane e dei Monopoli regarding the extension of the Italian Scratch & Win concession through September 30, 2028, in application of the Law Decree n. 148/2017 recently converted into law.

Lotterie Nazionali S.r.l. is required to pay an upfront fee of €800 million in three installments. The first installment of €50 million will be paid by December 15, 2017; payments of the second installment of €300 million and third installment of €450 million are expected to be made in April 2018 and October 2018, respectively. The payments are expected to be funded by the joint venture partners and pro-rated based on their respective ownership percentage. All other conditions will be the same as the original concession.

Keywords for this news article include: International Game Technology Plc, Marketing and Licensing Agreements.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Business Newsletters

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Financials ($)
Sales 2017 4 838 M
EBIT 2017 1 024 M
Net income 2017 -1 130 M
Debt 2017 7 382 M
Yield 2017 2,91%
P/E ratio 2017 -
P/E ratio 2018 129,36
EV / Sales 2017 2,68x
EV / Sales 2018 2,71x
Capitalization 5 561 M
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Mean consensus BUY
Number of Analysts 6
Average target price 32,0 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Marco Sala Chief Executive Officer & Director
Philip Glen Satre Chairman
Alberto Fornaro Chief Financial Officer & Executive Vice President
Alberto Dessy Independent Non-Executive Director
James Francis McCann Non-Executive Director
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