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Global Leisure Partners LLP
20 Balderton Street, London, W1K 6TL, United Kingdom
Tel: +44 (0) 20 7016 8050, Fax: +44 (0) 20 7016 8060
Email: info@glp.uk.com
Web: www.globalleisurepartners.com |
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May, 2011
GLP Advises on IGT's disposal of The Barcrest Group
LONDON (May 2011): Global Leisure Partners LLC (“GLP”) is pleased to announce that it acted as exclusive financial advisor to International Game Technology (NYSE: IGT) on the disposal of the Barcrest Group to Scientific Games Corporation (NASDAQ: SGMS).
IGT and SGMS have entered into a definitive agreement whereby IGT will sell the Barcrest Group to Scientific Games for a net cash consideration of approximately $54 million. IGT may also receive an additional $3 million in cash subject to certain post-closing adjustments. In total, including a receivables collection arrangement, the enterprise value of the transaction could reach approximately $66 million. This transaction is expected to close during the second half of IGT's fiscal year 2011.
Mark Harms, CEO of GLP, commented that “This deal allows IGT to focus on its core business and is a good outcome for all parties to the transaction. We are pleased to have assisted the IGT team throughout the process and wish the Barcrest Group and Scientific Games teams all the best going forward. For GLP, this represents our third sell side advisory transaction in the last twelve months and further evidences our leadership position advising the global gaming industry.”
Contact:
Mark Harms |
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Chairman and Chief Executive Officer |
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Global Leisure Partners LLP |
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20 Balderton Street |
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London W1K 6TL |
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United Kingdom |
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Tel: +44 (0) 20 7016 8050 |
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