Brookfield’s $5.8 Billion Acquisition of the Lottery Business of Scientific Games Corporation

Cleary Gottlieb Steen & Hamilton, working alongside Canadian counsel Cassels, represented Brookfield in the transaction. Cravath represented Scientific Games.

Brookfield Business Partners L.P. (NYSE:BBU) (TSX:BBU.UN) together with institutional partners (collectively “Brookfield”) announced an agreement to acquire Scientific Games Corporation’s global lottery services and technology business for approximately $5.8 billion.

Financing will be led by a syndicate of banks including Barclays, Deutsche Bank Securities, BNP Paribas, Credit Agricole Corporate and Investment Bank, Macquarie Capital and RBC Capital Markets.

With innovative capabilities in game design, production, distribution, systems and terminals, and turnkey technology solutions, Scientific Games Lottery has long-term relationships with approximately 130 lottery entities in over 50 countries.

Brookfield Business Partnersis a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs.

The Cleary M&A team included partner Jim Langston (Picture), partner-elect Charles Allen, associates Caitlin Hanley, Brennan Halloran, and Joseph Diaz, and law clerk Allison Kolberg. Partner Daniel Ilan and associates Nicholas Weisman and Melissa Faragasso provided intellectual property advice. Partners Duane McLaughlin and Katie Reaves and associates Lucas Hildebrand and Ryan Yuffe provided financing advice. Partner Audry Casusol and associates Desta Hailu and Julia Brownstein provided executive compensation and employee benefits advice. Partner Corey Goodman and associate Karl Heiland provided tax advice. Counsels Richard Bidstrup and Beau Sterling and associate Madison Bush provided environmental advice. Partner-elect David Singer advised on Italy related matters from the Milan office , counsel Melissa Reid and associate Dan Tierney advised on UK related matters from the London office, counsel Michael Brems and associate Falko Maurer advised on Germany related matters from the Cologne office.

The Cassels’ team comprised of Jonathan Sherman, Maria Christodoulou, Olivia Ells and Jennifer McKenzie. 

The Cravath team was led by partners Robert I. Townsend III, O. Keith Hallam III and Jenny Hochenberg and includes associates Kelly M. Smercina, Sanjay Murti, D. Ana Choi, Fay E. Krewer and Paul A. Bryant on M&A matters; partner Michael S. Goldman on financing matters; partners Craig F. Arcella, Nicholas A. Dorsey and Sasha Rosenthal-Larrea and associates Lee M. Blum, Fay E. Krewer, Rachael E. Joseph and Callum A.F. Sproule on capital markets matters; partner J. Leonard Teti II and associates Andrew T. Davis, Cecily Xi, Duncan H. Hardell and Joana W. Li on tax matters; partner Yonatan Even, senior attorney Jesse M. Weiss and practice area attorney Nicole M. Peles on regulatory matters; partner Matthew J. Bobby, practice area attorney Sarah W. Colangelo and associates Jana I. Hymowitz, David Crampton and Laura S. Lee on executive compensation and benefits matters; partner David J. Kappos, practice area attorney Anthony N. Magistrale and associate Carys J. Webb on intellectual property matters; partner Matthew Morreale on environmental matters; practice area attorney Brian M. Budnick on real estate matters; and associates William D. Podurgiel and Jonathan S. Madorsky on corporate governance and disclosure matters. William Council also worked on M&A matters, Mariel V. Mok also worked on capital markets matters and Michael C. Grant also worked on regulatory matters.

Involved fees earner: Maria Christodoulou – Cassels Brock & Blackwell LLP; Olivia Ells – Cassels Brock & Blackwell LLP; Jennifer McKenzie – Cassels Brock & Blackwell LLP; Jonathan Sherman – Cassels Brock & Blackwell LLP; Charles Allen – Cleary Gottlieb Steen & Hamilton; Richard Bidstrup – Cleary Gottlieb Steen & Hamilton; Michael Brems – Cleary Gottlieb Steen & Hamilton; Julia Brownstein – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Audry Casusol – Cleary Gottlieb Steen & Hamilton; Joseph Diaz – Cleary Gottlieb Steen & Hamilton; Melissa Faragasso – Cleary Gottlieb Steen & Hamilton; Corey Goodman – Cleary Gottlieb Steen & Hamilton; Brennan Halloran – Cleary Gottlieb Steen & Hamilton; Caitlin Hanley – Cleary Gottlieb Steen & Hamilton; Karl Heiland – Cleary Gottlieb Steen & Hamilton; Lucas Hildebrand – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; James Langston – Cleary Gottlieb Steen & Hamilton; Falko Maurer – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; Katherine Reaves – Cleary Gottlieb Steen & Hamilton; Melissa Reid – Cleary Gottlieb Steen & Hamilton; David Singer – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Dan Tierney – Cleary Gottlieb Steen & Hamilton; Nicholas Weisman – Cleary Gottlieb Steen & Hamilton; Ryan Yuffe – Cleary Gottlieb Steen & Hamilton; Craig Arcella – Cravath Swaine & Moore; Lee Blum – Cravath Swaine & Moore; Matthew Bobby – Cravath Swaine & Moore; Paul Bryant – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; Ana Choi – Cravath Swaine & Moore; Sarah Colangelo – Cravath Swaine & Moore; David Crampton – Cravath Swaine & Moore; Andrew Davis – Cravath Swaine & Moore; Nicholas Dorsey – Cravath Swaine & Moore; Yonatan Even – Cravath Swaine & Moore; Michael Goldman – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Duncan Hardell – Cravath Swaine & Moore; Jenny Hochenberg – Cravath Swaine & Moore; Jana Hymowitz – Cravath Swaine & Moore; Rachael Joseph – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Fay Krewer – Cravath Swaine & Moore; Laura Lee – Cravath Swaine & Moore; Joana Li – Cravath Swaine & Moore; Anthony N. Magistrale – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Sanjay Murti – Cravath Swaine & Moore; Nicole Peles – Cravath Swaine & Moore; Sasha Rosenthal-Larrea – Cravath Swaine & Moore; Kelly Smercina – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Robert Townsend III – Cravath Swaine & Moore; Carys Webb – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; Cecily Xi – Cravath Swaine & Moore;

Law Firms: Cassels Brock & Blackwell LLP; Cleary Gottlieb Steen & Hamilton; Cravath Swaine & Moore;

Clients: Brookfield Business Partners LP; Scientific Games Corporation;