International Game Technology PLC Transforms into Brightstar Lottery with Strategic Sale and Debt Reduction
- International Game Technology PLC has transitioned to Brightstar Lottery after selling its Gaming & Digital business for $4.0 billion.
- Brightstar Lottery will use $2.0 billion of proceeds for debt reduction, enhancing financial stability and shareholder value.
- The company plans to return $1.1 billion to shareholders through dividends and share repurchases, maintaining commitment to innovation.
Brightstar Lottery's Strategic Shift: A New Era Begins
International Game Technology PLC, now trading as Brightstar Lottery, has recently completed a significant transaction by selling its Gaming & Digital business to a holding company affiliated with Apollo Global Management, Inc. This sale, finalized on July 1, 2025, positions Brightstar Lottery for a transformative phase as it prepares to operate under the new ticker symbol BRSL on the New York Stock Exchange starting July 2, 2025. The sale generates approximately $4.0 billion in net cash proceeds, which will be strategically utilized to strengthen the company’s financial foundation and enhance shareholder value.
In a proactive move, Brightstar allocates $2.0 billion of the proceeds to debt reduction, targeting the redemption of existing secured notes and prepaying term loan facilities. This approach not only alleviates financial liabilities but also demonstrates a commitment to maintaining a strong balance sheet. By addressing its debt obligations, Brightstar seeks to create a more robust financial framework that can support long-term growth initiatives. Executive Chair Marco Sala notes that this strategic realignment not only positions the company for future expansion but also showcases the Board's dedication to maximizing shareholder returns.
Additionally, Brightstar announces plans to return $1.1 billion to its shareholders through a special cash dividend of $3.00 per share and a $500 million share repurchase authorization. CEO Vince Sadusky emphasizes the company’s legacy and highlights its ongoing commitment to innovation, reinforcing that the strong financial position and predictable cash flows will underpin Brightstar’s future success. This dual approach of debt management and shareholder return reflects a balanced strategy aimed at fostering sustainable growth while rewarding investors.
In another noteworthy aspect of this transition, existing stockholders will not face any procedural changes, as the company's CUSIP remains unchanged despite the new ticker symbol. This continuity ensures that investors can maintain their stakes without disruption during this pivotal shift. Brightstar Lottery’s strategic move marks a significant chapter in the company’s evolution, setting the stage for enhanced operational focus and improved financial metrics in the competitive gaming and lottery industry.
As Brightstar Lottery embarks on this new journey, it aims to leverage its strengthened position to capitalize on emerging market opportunities and innovate further in the gaming landscape. The completion of this sale not only reflects a decisive step in the company's strategy but also underscores its ambition to remain a key player in the lottery and gaming sector.