BLP advises Playtech on landmark acquisition of turnkey solution
Berwin Leighton Paisner (BLP) is advising Playtech Limited, the international designer, developer and licensor of software to the online, mobile and land-based gaming industry, on its acquisition of PT Turnkey Services Limited (PTTS). The consideration for the acquisition, which is due to complete on 30 June 2011, is up to €280m comprising an initial amount of €140m and further consideration of up to €140m based on the EBITDA of the PTTS business in 2014.
PTTS is the holding company of a group of affiliate businesses and this strategic acquisition will enable Playtech to provide current and future customers with a market leading full service turnkey offering.
Playtech is a longstanding client of BLP. Recently, BLP also acted on Playtech’s acquisitions of Virtue Fusion and GTS, its investment in William Hill Online and various software licensing arrangements.
BLP corporate finance relationship partner Alex Latner is leading the BLP team, together with fellow corporate finance partner, David McLeish. They are being assisted by Gareth Jones, Emma Nicholls and Patrick Leftley. Gaming and regulatory partners Hilary Stewart-Jones and Stephen Ketteley are advising on the regulatory aspects.
Commenting on the deal, Alex Latner said: “We are delighted to be advising Playtech on this landmark, and highly complementary, acquisition which will enable it to provide current and future licensees with a market leading full turnkey solution and will bring with it increased opportunities for Playtech in regulated and soon to be regulated markets. The breadth of the advice required demonstrated BLP’s ongoing ability to provide a full, co-ordinated service to the online gambling sector.”
Ori Rosen & Co. advised the seller.
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