MILAN, April 13 (Reuters) - Italian gambling group Lottomatica on Thursday formally announced plans to float in Milan, with an offer of new and existing shares expected by the end of April.
The group, owned by Apollo Global Management, said the offer of new shares would amount to 425 million euros ($467 million) and would make up the lion's share of the initial public offering (IPO).
The company added that it would use the IPO's proceeds to implement its strategic plan, including the reduction of its financial leverage.
($1 = 0.9106 euros) (Reporting by Elisa Anzolin, editing by Gavin Jones)
