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Clifford Chance helps GTECH secure US $10.7 billion in financing for merger with IGT

16 July 2014

Clifford Chance helps GTECH secure US $10.7 billion in financing for merger with IGT

A Clifford Chance team led out of the US is advising GTECH S.p.A. in connection with up to US $10.7 billion in committed financing from Credit Suisse, Barclays and Citigroup. The financing will be used to support GTECH's announced US $4.7 billion acquisition of Las Vegas, Nev., based International Game Technology, Inc., and to potentially refinance existing debt.

The merger is expected to close in the first half of 2015, at which time IGT and GTECH will combine under a newly formed UK holding company — NewCo — that will be listed on the New York Stock Exchange. NewCo will maintain corporate headquarters in the United Kingdom and operating headquarters in Las Vegas, Providence, R.I., and Rome, Italy.

A global Clifford Chance team comprised of lawyers in New York, London and Milan is advising GTECH on this transaction. The financing is being overseen by partners Gary Brooks and Tom Schulte and counsel Daniel Winick of the firm's New York office, with partners Charles Adams (Milan), Stewart Dunlop (London) and Filippo Emanuele (Milan) coordinating the UK and Italian law aspects. Partners Sarah Jones (New York) and Patrick Sarch (London) are directing the UK M&A facets of the deal. Associates Kevin Fernandez (New York), Alex Franks (London) and Katherine Moir (London) are also heavily involved.