Scientific Games’s $5.1 Billion Acquisition of Bally Technologies
August 01, 2014
On August 1, 2014, Scientific Games Corporation and Bally Technologies, Inc. announced that the companies have entered into a definitive merger agreement whereby Scientific Games has agreed to acquire all of the outstanding Bally common stock for $83.30 in cash per share, which represents a 38 percent premium to Bally’s closing stock price on July 31, 2014. The aggregate transaction value is approximately $5.1 billion, including the refinancing of approximately $1.8 billion of existing Bally net debt. Cravath represented Scientific Games in connection with this transaction. The acquisition is subject to customary closing conditions, including receipt of Bally shareholder approval and antitrust and gaming regulatory approvals, and is currently expected to be completed in early 2015.
The Cravath team included partners Robert I. Townsend III and George F. Schoen and associates Edmund Mokhtarian and James C. Pickel Jr. on M&A matters; partner Eric W. Hilfers and associate Jarrett R. Hoffman on executive compensation and benefits matters; partner Michael L. Schler and associate Stephen R. Severo on tax matters; partners Christine A. Varney and Yonatan Even and associates Katherine A. Rocco, Pierre N. Gemson and Caitlin N. Fitzpatrick on antitrust matters; partner David J. Kappos and associate Benjamin D. Landry on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Gary R. Eisenman on real estate matters. Matthew J. Bobby also worked on executive compensation and benefits matters, summer associate Catalina Parkinson also worked on M&A matters and summer associate Allison C. Davido also worked on antitrust matters.
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J.D., 1990, Harvard Law Schoolmagna cum laude
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