BLP advises Playtech on GTS acquisition
Berwin Leighton Paisner LLP (BLP) advised Playtech Limited, the leading provider of software to the remote and land based gambling industry, on its acquisition of Gaming Technology Solutions Limited (GTS), a rapidly growing gaming software business and one of the largest game aggregators in the industry. The consideration for the acquisition, which completed on 7 December, comprised an initial amount of approximately €10.8m and further consideration of up to approximately €21.6m based on the profitability of the GTS business in 2010 and 2011.
Playtech is a longstanding client of BLP. BLP also acted on Playtech’s £548.3m flotation on AIM in March 2006 (one of the largest AIM IPOs at that time), its £122m fundraising in June 2008, and its US$250m acquisition and immediate resale of certain online gaming marketing and related assets to William Hill Online (WHO) in return for a 29 per cent interest in WHO.
The BLP team was led by Corporate Finance Partner, Alex Latner, assisted principally by senior associate David McLeish and associate, Brian Mulkerrins.
Commenting on the deal, Alex said:
“We are delighted to have advised Playtech on this key strategic acquisition. We have acted for the company for many years, including on its IPO in March 2006, and the transaction with William Hill Online last year. It is very exciting for us to play a part in the growth of Playtech’s business. The games available on GTS’ Enhanced Gaming Engine (EdGE) software platform are very much in line with Playtech’s commitment to provide a broad suite of innovative gambling products to its licensees.”
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