London—Dentons has advised NYX Gaming Group, a premier digital gaming supplier on its acquisition of OpenBet, the UK based, market leading online sports betting platform provider. The companies have entered into a binding share purchase agreement and on completion NYX will acquire 100% of the issued and outstanding shares of OpenBet from funds managed by private equity firm Vitruvian Partners LLP, its co-investors and management. The total consideration of £270 million will be paid in cash.
The deal brings together two of the world's most established digital gaming suppliers. Listed on Canada's TSX Venture Exchange and headquartered in Las Vegas, NYX provides one of the largest portfolios of content and technology to some of the foremost gaming operators, lotteries and casinos across the globe. OpenBet represents some of the largest bookmakers in the UK and other regulated global markets including William Hill and Sky Bet, who are both participating in the transaction through a preferred equity investment of £100 million. The acquisition will be part financed through a £120.0 million unitranche facility from a leading alternative credit provider.
The Dentons team was led by UK Head of Corporate and co-Chair of Global M&A, David Collins, and newly elected corporate partner, Darren Acres, supported by corporate senior associate Joseph Altendorff, banking partners Lee Federman and Catherine Astruc and associate Sabina Passi, competition partner Adrian Magnus, managing associate Alex Haffner and associate Richard Jenkinson, tax partner Andrew Thornton, TMT partner, Anna Copeman and associate Stephanie Morgan.
David Collins said, "We are delighted to be working with NYX on what is both a transformational deal for the company and a high profile transaction in the online gambling industry. This is the latest in a series of cross-border deals the team has completed as we continue to evolve and build out the UK Corporate practice."
NYX was also represented by Stikeman Elliot LLP, acting as Canadian counsel. Pinsent Masons advised OpenBet management. Vitruvian was represented by Dickson Minto W.S.. Gibson Dunn advised William Hill. Canaccord Genuity and Macquarie Capital (USA) Inc. acted as exclusive financial advisors to NYX. Morgan Stanley & Co acted as financial advisor to Vitruvian.
