IFLR1000

GTECH $4.7 billion acquisition of International Game Technology

7/4/2015
Acquisition finance, Investment grade bond/note issue, Public acquisition
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$ 4.7 billion

Completed

7/4/2015

Overview:

  • Italy-based GTECH has completed its $4.7 billion acquisition of International Game Technology (IGT).
  • GTECH is the world's largest lottery systems developer, and IGT the largest slot machine producer.
  • The combined organisation will operate under a new holding company based in the UK.
  • GTECH secured $5.88 billion to finance the acquisition. The financing was provided through a 364-day senior bridge loan by Credit Suisse Securities as administrative agent, and Credit Suisse Securities, Barclays, and Citigroup Global Markets as joint lead arrangers and joint bookrunners.
  • GTECH also issued senior secured notes denominated in three tranches one of $3.2 billion, and two tranches totalling €1.55 billion through SPV Cleopatra Finance.
  • The deal was first announced in July, 2014.

Kurt Stumpo - Journalist

Jurisdictions:

United States
Italy
United Kingdom
Channel Islands: Jersey

Deal types:

Acquisition finance
Investment grade bond/note issue
Public acquisition

Practice area:

M&A

Industry sectors:

Technology and telecommunications
Entertainment

Firms:
Allen & Overy

Party: International Game Technology (Target)

Carey Olsen

Party: GTECH (Issuer)

Lawyer: Simon Marks

Clifford Chance

Party: GTECH (Acquirer, Borrower)

Lawyers: Charles Adams, Filippo Emanuele, Gary Brooks, Gary Brooks, Giuseppe De Palma, Sarah Jones, Stewart Dunlop (retired)

Gibson Dunn & Crutcher

Party: Morgan Stanley (Financial adviser)

Lawyer: Jonathan Layne

Lombardi Segni & Associati

Party: GTECH (Acquirer)

Shearman & Sterling

Party: Credit Suisse Securities (Arranger, Bookrunner)

Party: Barclays (Arranger, Bookrunner)

Party: Citigroup Global Markets (Arranger, Bookrunner)

Lawyer: James Duncan

Sidley Austin

Party: International Game Technology (Target)

Lawyers: Joshua Thompson, Paul Choi

Wachtell Lipton Rosen & Katz

Party: GTECH (Acquirer)

Lawyers: Andrew Brownstein, Benjamin Roth

White & Case

Party: GTECH (Issuer)

Lawyers: Michael Immordino, Patrick Sarch

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