Latham Advises on Lottomatica Group’s €2.26 Billion IPO

Latham & Watkins has advised Lottomatica Group on its initial public offering (IPO) on Euronext Milan. The transaction represents the second listing in Italy to have an English-language prospectus approved by the Italian Securities Commission (CONSOB). The prospectus was prepared following the new format used for the first time in the IPO of EuroGroup Laminations of last February 2023 and prepared by Latham & Watkins in consultation with CONSOB.

Trading is scheduled to begin on Wednesday, May 3, 2023, with a market cap equal to approximately €2.26 billion. The offer comprises an offering (i) by the company of newly issued shares resulting from a capital increase and (ii) of existing shares by the selling shareholder Gamma Topco S. à r.l. (vehicle of private equity firm Apollo Global Management). The proceeds from the offer will amount to approximately €690 million (including the greenshoe option).

Barclays Bank Ireland PLC, Deutsche Bank, Goldman Sachs, J.P. Morgan, and UniCredit acted as joint global coordinators and joint bookrunners. Apollo Capital Solutions, Banca Akros, BNP Paribas, and Mediobanca acted as joint bookrunners. Equita SIM and Siebert Williams Shank acted as co-managers. Credit Suisse acted as financial advisor and UniCredit as listing agent.

The Latham team was led by Milan partner Antonio Coletti with associate Guido Bartolomei.