International Game announces name change, $1.1B capital return to shareholders

International Game Technology (IGT), doing business as Brightstar Lottery (BRSL), announced it has completed the sale of its Gaming & Digital business to a holding company owned by funds managed by affiliates of Apollo Global Management (APO) on July 1. Effective July 2, Brightstar will begin trading on the New York Stock Exchange under its business name, Brightstar Lottery, and new ticker symbol, BRSL. The company’s CUSIP will not change, and no action is needed from current stockholders, the company noted. The company received approximately $4.0B of net cash proceeds that are expected to be allocated in the following manner: $2.0B used for previously disclosed contractual commitment to reduce debt; $1.1B to be returned to shareholders; $500M to partially fund upcoming Italy Lotto license payments; and $400M to be used for general corporate purposes. The company’s board of directors declared a special cash dividend to common stockholders in the amount of $3.00 per share. The record date of the distribution is July 14 and it will be payable on July 29. In addition, the board authorized a $500M, two-year share repurchase program. The new authorization replaces the company’s existing share repurchase program. “The company intends to maintain a strong balance sheet with target net debt leverage around 3.0x supported by robust cash flow generation. Pro forma for the transaction, approximately $100M of residual post-closing transaction costs, the full upfront payments associated with the new Italy Lotto license, and the $1.1B of capital returned to shareholders, net debt leverage as of March 31, 2025, was 3.5x,” the company stated.