BLP advises Playtech on Virtue Fusion 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 the business and assets of Virtue Fusion Limited (VF), the leading developer and licensor of online bingo products. The consideration for the acquisition, which completed on 13 February 2010, comprises an initial amount of £29 million, subject to agreed working capital adjustments and an additional payment of up to £7 million based on the profitability the VF business in 2010
Playtech is a longstanding client of BLP. The firm also acted on Playtech’s £548.3m flotation on AIM in March 2006, 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. More recently BLP advised Playtech on the acquisition of Gaming Technology Solutions Limited in December 2009 for up to €32m.
The BLP team was led by Corporate Finance Partner, Alex Latner, assisted principally by senior associate, Nick Myatt and associate, Emma Nicholls. Betting and Gaming partner, Stephen Ketteley advised on the regulatory aspects.
Commenting on the deal, Alex said: “We are delighted to have advised Playtech on this important strategic acquisition, following its acquisition of GTS late last year, another BLP-led transaction. BLP’s corporate, regulatory, commercial, tax and employment teams worked together to once again demonstrate our depth of experience in the online gambling sector. This positions us well for the much predicted industry consolidation which is now clearly under way.”
Lawrence Graham LLP (Jeffrey Elway) advised Virtue Fusion Limited.
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