trending Market Intelligence /marketintelligence/en/news-insights/trending/pcrztrkkoo6jgdes68cx0q2 content esgSubNav
In This List

IGT majority shareholder proposes to sell shares to Credit Suisse

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


IGT majority shareholder proposes to sell shares to Credit Suisse

International Game Technology PLC's majority shareholder De Agostini SpA proposed to enter into a variable forward transaction with Credit Suisse Group AG to rebalance the profile of its portfolio of assets.

The U.K. gaming company said May 21 that it will not receive any proceeds from the sale of up to 18 million IGT ordinary shares involved in the transaction. It added that the sale will not affect its income statement, balance sheet, cash flows, share count and dividends.

De Agostini said it will remain IGT's controlling shareholder and that it is not contemplating any additional transaction involving IGT shares, adding: "We remain fully committed to continue supporting IGT's long-term development."

Pursuant to the transaction, Credit Suisse will borrow approximately 13.2 million IGT ordinary shares from third-party stock lenders and sell them in an underwritten public offering through Credit Suisse Securities (USA) LLC.

In addition, Credit Suisse will also borrow an additional approximately 4.8 million IGT ordinary shares from third-party stock lenders, with the bank and its affiliates expecting to sell the shares from time to time after the offering, in block sales, on the New York Stock Exchange, in the over-the-counter market or in negotiated transactions.