BLP advises on sale of Expekt.com
Berwin Leighton Paisner (BLP) is advising Atletico Nordic B.V. and Expekt.com Company Ltd on the sale of the business and related assets of Expekt.com, a major European online sports-betting and gaming operator.
Expekt was founded in 1999 and generates revenue from over 20 countries, with particular strengths in Scandinavia and Eastern Europe. The purchaser of the business is Mangas Capital Gaming (MCG), part of an investment group founded by Stéphane Courbit, the former head of Endemol France. The deal follows the acquisition by MCG last year of 75 per cent of the online betting and gaming operations of Betclick, which has a particular focus on the French market. BLP also advised the sellers of Betclick.
The BLP team is being led by head of corporate finance, David Collins with corporate finance partner Alexandra Denison, senior associate David McLeish, and associates Damien Jackson and Emma Nicholls advising on the corporate finance aspects of the deal. Betting and gaming commercial and regulatory aspects of the deal are being handled by betting and gaming partner, Hilary Stewart-Jones, senior associates Stephen Ketteley and Usman Wahid, and associate Tom Lippiett.
Commenting on the deal, David Collins said: “We are delighted to be acting for the sellers of Expekt on this significant M&A transaction in the online gambling sector.
Further consolidation in the industry has been heavily predicted given the intense competition among online gambling operators for players within the European market. The bringing together of recognised and trusted brands through business acquisitions should allow consolidators to reap the benefits of economies of scale through increased player liquidity, cross-selling opportunities across a range of gambling products, more efficient marketing spend and a reduction in the costs involved in recruiting and retaining customers.
In that context, Expekt has the twin advantages of size and brand recognition in its chosen geographic and product markets.”
MCG is being advised in London by Weil Gotshal & Manges corporate partner, Jonathan Wood, assisted by Geoffrey Bailhache.
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