Italian gaming group Lottomatica said on Thursday that majority shareholder Gamma Intermediate had completed the sale of a 6.4% stake, or 16 million shares, worth 152 million euros ($166 million).

The sale was conducted through an accelerated book building process at 9.50 euros per share, at a 9% discount on the stock’s Wednesday closing price of 10.46 euros.

The placement was aimed at institutional investors and there was no public offering.

Gamma will retain a direct stake of 65.4% of Lottomatica’s share capital. Gamma has agreed to a 90-day lock-up for its remaining shares, subject to a waiver from the offering’s joint global coordinators.

The settlement for the placement is expected on or around Jan. 22.