Slaughter and May is advising Ladbrokes plc ('Ladbrokes'), one of the world's leading betting and gaming companies, on the proposed acquisition of Global Betting Exchange Alderney Limited ('GBEA'), the operator of the Betdaq exchange business, for an initial consideration of EUR30 million in cash and shares, from TBH Limited ('TBH').

Ladbrokes has also agreed to acquire from TBH a 10% stake in TBH Guernsey Limited ('TBHG'), the technology provider to GBEA, for EUR4 million, with a call option to acquire the remaining shares in TBHG after four years. Ladbrokes has an option to sell back its 10% interest in TBHG for EUR4 million if the call option is not exercised.

The transaction, which was announced on 24 January 2013, is subject to certain conditions, including certain regulatory approvals and confirmations. It is expected to complete in late February 2013.

Betdaq is the world's second biggest betting exchange and also provides a fixed-odds betting platform to a variety of B2B customers from its central exchange hub.
 
Contacts
 
Corporate and Commercial: Tim Pharoah (partner), Susannah Macknay (associate), Dan Won (associate); IP/IT: David Ives (partner), Will Hedges (associate); Competition: Isabel Taylor (partner), Kate Logan (associate), Will Turtle (associate)

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