Key Developments: Scientific Games Corp (SGMS.O)
30 Oct 2014
Latest Key Developments (Source: Significant Developments)
Scientific Games Corp announced that the Company has signed a new lottery systems contract with Szerencsejatek Zrt, the Hungarian State Lottery. The Company was selected for the contract following a competitive procurement process. Under the terms of the contract, which ends December 31, 2020, Scientific Games will implement its AEGIS NGS central system hardware and software, install additional WAVE terminals and provide related services. Full Article
Scientific Games Corp and WMS Industries Inc announced that the companies have entered into a definitive agreement under which Scientific Games has agreed to acquire WMS for $26.00 in cash per common share or approximately $1.5 billion. The transaction, which was unanimously approved by both the Scientific Games and WMS Boards of Directors, combines two companies in the gaming industry to create an organization that will supply range of products and services to public and private sector lottery and gaming customers throughout the world. WMS is in the supply of gaming machines and interactive gaming content. Scientific Games will acquire all of the outstanding shares of WMS for $26.00 per share in cash, for a total enterprise value of approximately $1.5 billion, including debt of $85 million and cash on hand of $55 million as of September 30, 2012. BofA Merrill Lynch and Credit Suisse Securities (USA) LLC served as the financial advisors to Scientific Games and Cleary Gottlieb Steen & Hamilton LLP served as the legal advisor to Scientific Games for the transaction. BofA Merrill Lynch, Credit Suisse and UBS provided the committed financing for the transaction, with Latham & Watkins LLP serving as the legal advisor to Scientific Games for such financing. Macquarie Capital acted as exclusive financial advisor to WMS with respect to this transaction and Skadden, Arps, Slate, Meagher & Flom LLP and Blank Rome LLP served as WMS' legal advisors. Full Article
Scientific Games Corp announced that the Company has signed a contract with the Iowa Lottery Authority to supply instant ticket games and related services. The two-year contract, which started on January 1, 2013, includes options for the Lottery to extend the contract for four additional one-year periods. Revenue to Scientific Games will continue to be based on a price-per-thousand tickets basis. Full Article
Intralot Integrated Lottery Systems and Services SA announced that the Consortium for the acquisition of the 12-year concession for the exclusive rights to the production, operation, circulation, promotion and management of the Hellenic Lotteries in Greece, was selected as successful bidder for the concession. The above decision of the Hellenic Republic Assets Development Fund is subject to various regulatory approvals, including parliamentary approval. The Consortium is comprised of companies controlled by OPAP SA (Greek Organisation Of Football Prognostics SA), Lottomatica Group, Scientific Games and Intralot. The Consortium, after internal deliberations, offered an upfront payment of EUR 190 million which was accepted by the Fund. In addition, the Consortium guarantees a minimum of EUR 580 million additional payments over the life of the 12 year concession period. Lottomatica decided to exercise its pre-existing option to dilute to one share and transferred its remaining interests to OPAP. Full Article
- U.S. Slot machine maker Scientific Games Corp will buy larger rival Bally Technologies Inc in a $3.27 billion deal, the latest in a consolidating U.S. gaming industry.