Company: BRSL
Filing Date: 2025-02-25
Form Type: 20-F
Source: 0001619762-25-000007
Chunk: 112

Company: Brightstar Lottery PLC
Filing Date: 2025-02-25
Form: 20-F
Item: Item 10
Chunk 112
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 respective subsidiaries under the transaction documents which pursuant to their terms arise at or after the Closing with respect to obligations to be performed after the effectiveness of the Equity Sale.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 4.11 to this Form 20-F and is incorporated herein by reference.
Merger Agreement
As noted above, the Merger Agreement provides for, among other things, the Merger, with Everi as the surviving corporation. As a result of the Merger, Everi would become a direct wholly owned subsidiary of the Buyer. In addition, as noted above, prior to the Merger Effective Time, it is contemplated that the Company will effect the Separation and Equity Sale pursuant to the Separation Agreement as further described above.
In the Merger, each share of Everi common stock that is issued and outstanding immediately prior to the effective time of the Merger (the “Merger Effective Time”) will be cancelled, cease to exist and be converted automatically into the right to receive $14.25 in cash per share of Everi common stock, subject to adjustment in the event of certain transactions with respect to Everi common stock, such as a stock split, stock dividend, or reclassification..
Consummation of the Merger is subject to various and customary conditions, including, among other things: the accuracy of representations and warranties and compliance with covenants, subject to certain customary exceptions; approval by the stockholders of Everi, which was received on November 14, 2024; the consummation of the Separation; and the receipt of regulatory approvals. The Merger Agreement provides that the parties will use their reasonable best efforts and take other actions to obtain the specified regulatory approvals for the Proposed Transaction, subject to certain exceptions as set forth in the Merger Agreement. Assuming the satisfaction of the conditions set forth in the Merger Agreement, the Company expects the Merger to close by the end of the third quarter of 2025.
The Company, Spinco and Everi each make certain customary representations, warranties and covenants, as applicable, in the Merger Agreement, including covenants with respect to the conduct of the Spinco Business and the business of Everi and its subsidiaries, as applicable, during the period between signing and the earlier of the termination of the Merger Agreement and the Closing. Each of the Company and Everi also c