$1.4 billion acquisition: British Colombia Lottery Corporation, Crown Ltd, Gateway Casinos Inc, Gateway Casinos Income Fund, Macquarie Group Ltd, New World Gaming Partners Ltd, Star of Fortune Gaming Management (BC) Corporation, Syndicate of lenders - International Law Office - Deal Information
Deal Details
$1.4 billion acquisition British Colombia Lottery Corporation, Crown Ltd, Gateway Casinos Inc, Gateway Casinos Income Fund, Macquarie Group Ltd, New World Gaming Partners Ltd, Star of Fortune Gaming Management (BC) Corporation, Syndicate of lenders
New World Gaming Partners Ltd, a joint venture owned by Macquarie Group Ltd and Crown Ltd (formerly Publishing and Broadcasting Ltd) acquired all of the units of Gateway Casinos Income Fund on November 16 2007. Concurrently with the acquisition, New World acquired all of Gateway's 5.35% convertible debentures, substantially all of the assets of Gateway Casinos Inc and all of the shares of Star of Fortune Gaming Management (BC) Corporation. Collectively, the aggregate enterprise value to the acquired businesses and assets was approximately $1.37 billion.
The acquisitions were financed, in part, by multi-currency first lien facilities and a second lien facility provided by a syndicate of lenders lead by Bear, Stearns & Co Inc and RBC Capital Markets, in their capacities as co-lead arrangers and joint bookrunners. Merrill Lynch Capital Inc provided the interest rate and currency swaps with respect to the term loans.
Value: $1.4 billion
Closed: November 16 2007
| Parties involved | Legal advisers |
|---|---|
|
British Colombia Lottery Corporation |
Sangra Moller LLP - Vancouver BC
Harj S Sangra Kim Moller Michael Adams |
|
Crown Ltd (Media & Entertainment) Parent company to acquirer |
Ashurst Australia - Sydney NSW
John Stawyskyj In-house Andy Carr Michael Nielson |
|
Gateway Casinos Inc (Media & Entertainment) Target |
Borden Ladner Gervais LLP - Vancouver BC
Bruce R Sinclair Mark Chartrand Dentons - Edmonton AB Herbert R Zechel Parolin & Company - Vancouver BC Dennis Parolin |
|
Gateway Casinos Income Fund (Media & Entertainment) Target |
Borden Ladner Gervais LLP - Vancouver BC
Bruce R Sinclair Mark Chartrand Lawson Lundell LLP - Vancouver BC Anthony W Ryan Jerrold W Schramm McCarthy Tétrault LLP - Vancouver BC Cameron G Belsher |
|
Macquarie Group Ltd (Financial) Parent company to acquirer |
Allens - Melbourne VIC
David Robb |
|
New World Gaming Partners Ltd (Leisure & Hotels) Acquirer |
Gowling Lafleur Henderson LLP - Vancouver BC
Cyndi D Laval Irene M Stewart Gowling Lafleur Henderson LLP - Ottawa ON Michael Boehm Gowling Lafleur Henderson LLP - Toronto ON Myron B Dzulynsky Constance L Sugiyama Alan PC Dean Lilly Wong Timothy Wach Ash Gupta Robert E Milnes Gowling Lafleur Henderson LLP - Kitchener ON Bryce Kraeker Latham & Watkins LLP - New York NY Loren N Finegold Mair Jensen Blair LLP - Kamloops Dennis Coates QC Shefsky & Froelich - Chicago IL Cezar M Froelich Paul T Jenson |
|
Star of Fortune Gaming Management (BC) Corporation (Media & Entertainment) Target |
Borden Ladner Gervais LLP - Vancouver BC
Bruce R Sinclair Mark Chartrand Dentons - Vancouver BC Bruce M McKay Heenan Blaikie LLP - Toronto ON Richard Lewin Nicholl & Akers - Edmonton George Akers |
|
Syndicate of lenders |
Bull Housser & Tupper LLP - Vancouver BC
David R Bain Cassels Brock & Blackwell LLP - Toronto ON James J Janetos Marc Mercier Renate Herbst Charles Newman Mark Bennett Parlee McLaws LLP - Edmonton AB Ian MacLachlan QC Shearman & Sterling LLP - New York NY Michael S Baker |
