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Brightstar Lottery (NYSE:IGT) has completed the sale of its Gaming & Digital business to Apollo Global Management for approximately $4.0 billion in net cash proceeds. The company will begin trading under the new ticker symbol BRSL on July 2, 2025.
The proceeds will be allocated across several initiatives: $2.0 billion for debt reduction focusing on near-term maturities, $1.1 billion for shareholder returns (including a $3.00 per share special dividend and a $500 million share repurchase program), $500 million for Italy Lotto license payments, and $400 million for general corporate purposes.
The special dividend will be payable on July 29, 2025, to shareholders of record as of July 14, 2025. The company aims to maintain a strong balance sheet with a target net debt leverage around 3.0x, with pro forma net debt leverage of 3.5x as of March 31, 2025.
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