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News & Insights

Scientific Games’ Sale of a 34.9% Stake to Institutional Investors, including Caledonia

September 14, 2020

On September 14, 2020, Scientific Games Corporation (“Scientific Games”) announced that a number of long‑term institutional investors, including gaming industry investor Caledonia, have reached agreement to acquire a 34.9% stake in Scientific Games from MacAndrews & Forbes Incorporated at a price of $28.00 per share. In connection with the transaction, Scientific Games is implementing a series of governance changes and enhancements to reflect its new investor base and continue to position the Company for growth and value creation. Cravath is representing Scientific Games and its Special Committee of the Board of Directors in connection with the transaction.

The Cravath team is led by partner Robert I. Townsend III and includes associates William D. Podurgiel, Arash Ardalan and Katherine R. Booth on M&A matters; partner J. Leonard Teti II and associate Peter W. Rogers on tax matters; partner Nicholas A. Dorsey and associate Aashim Usgaonkar on financing matters; and partner Eric W. Hilfers and associate Matthew J. Bobby on executive compensation and benefits matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Capital Markets
  • Executive Compensation and Benefits
  • Private Equity
  • Consumer Products and Services
  • Technology

People

Photo
Name
Robert I. Townsend III
Title
Corporate
Title
Partner
Email
rtownsend@cravath.com
Phone
+1-212-474-1964
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    Education

    • J.D., 1990, Harvard Law School
      magna cum laude
    • A.B., 1987, Harvard College
      magna cum laude

    Admitted In

    • New York
    Photo
    Name
    J. Leonard Teti II
    Title
    Tax
    Title
    Partner
    Email
    lteti@cravath.com
    Phone
    +1-212-474-1896
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      Education

      • J.D., 2005, University of Virginia School of Law
        Order of the Coif
      • A.B., 1999, Princeton University
        with Honors

      Admitted In

      • New York
      Photo
      Name
      Nicholas A. Dorsey
      Title
      Corporate
      Title
      Partner
      Email
      ndorsey@cravath.com
      Phone
      +1-212-474-1764
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        Education

        • J.D., 2009, Cornell Law School
          Order of the Coif, summa cum laude
        • M.Acc., 2006, Case Western Reserve University
          summa cum laude
        • B.S., 2006, Case Western Reserve University
          summa cum laude

        Admitted In

        • New York
        Photo
        Name
        Eric W. Hilfers
        Title
        Executive Compensation and Benefits
        Title
        Partner
        Email
        ehilfers@cravath.com
        Phone
        +1-212-474-1352
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          Education

          • J.D., 1998, University of Chicago Law School
            with Honors
          • A.B., 1995, Princeton University

          Admitted In

          • New York
          Photo
          Name
          Matthew J. Bobby
          Title
          Executive Compensation and Benefits
          Title
          Partner
          Email
          mbobby@cravath.com
          Phone
          +1-212-474-1128
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            Education

            • J.D., 2012, Harvard Law School
              magna cum laude
            • M.A., 2009, University of Pennsylvania
            • B.A., 2009, University of Pennsylvania
              Phi Beta Kappa, summa cum laude

            Admitted In

            • New York
            Photo
            Name
            William D. Podurgiel
            Title
            Corporate
            Title
            Of Counsel
            Email
            wpodurgiel@cravath.com
            Phone
            +1-212-474-1628
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              Education

              • J.D., 2011, The University of Texas School of Law
              • B.A., 2004, University of Pennsylvania
                cum laude

              Admitted In

              • New York

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              On October 7, 2024, the U.S. District Court for the Northern District of California entered a post‑trial order in favor of Cravath client Epic Games imposing a nationwide three‑year permanent injunction against Google. The injunction, which follows Epic’s jury trial win against Google last year, prohibits Google from paying competitors not to compete and requires Google to distribute alternative app stores on the Google Play Store and provide alternative app stores with access to the Google Play Store’s catalog of apps.

              Deals & Cases

              December 19, 2023

              Epic Games Defeats Google in Antitrust Trial Victory

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