Gambling and lottery technology provider GTECH has secured a $10.7 billion loan in order to finalise its acquisition of slot machine manufacturer International Game Technology (IGT).
Business news source Bloomberg, stated that the $10.7 billion had been granted by 14 international banks, who had been privileged to GTECH’s plans to acquire IGT. The loan will be available to GTECH for a period of 15 months.
Bloomberg commented that Credit Suisse, Barclays and Citigroup have arranged a syndicate of 11 banks to jointly finance GTECH. Other lenders involved include BNP Paribas, Credit Agricole, Deutsche Bank, Intesa Sanpaolo, JPMorgan Chase, Mediobanca and UniCredit.
GTECH will pay $4.7 billion in cash and shares for Las Vegas-based IGT and will also take on $1.7 billion of the U.S. firm’s net debt. The total $6.4 billion deal value is above GTECH’s own market capitalisation of $4.1 billion.