Lottomatica Stake Leads Europe’s €2.3 Billion Block Trade Spree

An Apollo Global Management Inc. investment vehicle sold its entire 21.3% stake in Italian betting firm Lottomatica Group Spa on Monday, leading a €2.3 billion ($2.7 billion) wave of European block trades as investors capitalized on the market’s bounce.

Apollo’s Gamma Intermediate sold 53.6 million shares for €22.50 apiece, raising €1.2 billion, according to terms seen by Bloomberg. A handful of other block trades were launched across Europe as markets closed on Monday, from the Irish government exiting its €305.4 million stake in AIB Group Plc, to an offering of about 14 million shares of Universal Music Group NV.