BLP advises Playtech on Ava acquisition and €200m debt facility
International law firm, Berwin Leighton Paisner (BLP), is advising the FTSE250 listed Playtech group (Playtech) on its proposed $105m acquisition of Ava Trade (Ava), an online B2C CFDs broker with financial services regulatory licences in the EU (Ireland), Japan, Australia and the BVI. This follows on from Playtech’s acquisition of TradeFX earlier this year and its proposed acquisition of AIM quoted Plus500 on which BLP is also advising.
Alex Latner, Corporate Finance Partner, states: “We are delighted to again be advising Playtech on this transaction which is in line with their strategy to acquire market leading businesses in regulated, high growth industries which complement their existing market position. Following on from advising on the purchase of TradeFX and the proposed Plus500 acquisition, as well as Playtech’s recent £227m equity fundraising, our multi-disciplinary team have worked hard to help deliver another deal for Playtech together with assisting the Group in securing a €200m debt facility which will available to fund the Ava and Plus500 acquisitions and further growth initiatives.”
BLP has also advised Playtech on its new €200m revolving credit facility with Barclays and RBS. This facility, together with Playtech’s recent £227m equity fundraising undertaken with Canaccord, UBS and Shore Capital (on which BLP also advised) and Playtech’s existing cash resources, will be available to fund the Ava and Plus500 acquisitions (and other future acquisitions as well). Both the Ava and Plus500 acquisitions remain subject to shareholder and regulatory approvals, and are expected to complete in September 2015.
The team is again being led by Client Relationship Partner, Alex Latner who is working alongside Gareth Jones, Marie Johnson and Olga Shiryaeva in Corporate Finance. Banking partner, Derek Hrydziuszko and Brad Pawlak advised on the debt facility. Matt Baker is leading on financial services regulatory aspects.
BLP is working alongside Israeli law firm, Katzenell Dimant Frank, on the Ava transaction.