Brightstar Lottery Completes Sale of Gaming & Digital Business and Embarks on New Chapter

As of July 1, 2025, Brightstar Lottery has completed the sale of its Gaming & Digital business to a holding company owned by funds managed by affiliates of Apollo Global Management, Inc., marking a significant milestone in the company's history. The transaction will allow Brightstar to focus on its core lottery business, building on its expertise in delivering secure technology and producing reliable, comprehensive solutions for customers. The company will begin trading on the New York Stock Exchange under its new ticker symbol, BRSL, on July 2, 2025.

Key Takeaways:

Brightstar Lottery has completed the sale of its Gaming & Digital business to a holding company owned by funds managed by affiliates of Apollo Global Management, Inc. for approximately $4.0 billion in net cash proceeds.
The company will use $2.0 billion to reduce debt, primarily through the redemption of 4.125% Senior Secured U.S. Dollar Notes due April 2026 and the 3.500% Senior Secured Euro Notes due June 2026.
Brightstar will return approximately $1.1 billion to shareholders, consisting of a special cash dividend of $3.00 per share and a $500 million share repurchase authorization.
The company intends to maintain a strong balance sheet with target net debt leverage of 3.0x, supported by robust cash flow generation.
Net debt leverage as of March 31, 2025, was 3.5x pro forma for the transaction, including residual post-closing transaction costs and upfront payments associated with the new Italy Lotto license.

Statistics:

$4.0 billion: net cash proceeds from the sale of the Gaming & Digital business
$2.0 billion: debt reduction
$1.1 billion: shareholder returns (special cash dividend plus share repurchase authorization)
3.5x: net debt leverage as of March 31, 2025 (pro forma for the transaction)
$3.00: special cash dividend per share
$500 million: share repurchase authorization

Sources:

"International Game Technology PLC". PRNewswire, July 1, 2025.