Lottomatica : Place your bets on the Italian leader

Lottomatica's newly issued € 400m PIYC bond met with lukewarm investor feedback. The issuance, whose proceeds were used to fund a dividend recap, arguably came very soon after the reopening of the network following the second lockdown in Italy. What's more, less than two years after Apollo took the company private, the PE fund recouped its entire investment and may thus lack the incentive to support Lottomatica further. Yet the aggressive deal should not conceal the fact that Lot...