Apollo Raises €497 Million in Sale of Lottomatica Stake (1)

An investment vehicle for Apollo Global Management Inc. raised about €497 million ($558 million) through the sale of a 10.3% stake in Italian gambling operator Lottomatica Group SpA.

Gamma Intermediate Sarl offered 26 million shares through an overnight placement, Lottomatica said in a statement on Friday. The transaction priced at €19.10 per share, a 4.5% discount to Lottomatica’s closing price in Milan on Thursday, according to terms seen by Bloomberg.

Lottomatica’s shares rose as much as 5% on Friday, extending gains for the year to around 60%.

Apollo has periodically trimmed its stake in Lottomatica since the company’s 2023 ...