A&O, Dickson Minto and Ashurst lead on gambling tech company buyout
A trio of City firms have won roles advising on the £208m management buyout of gambling technology provider OpenBet backed by London private equity house Vitruvian partners. The deal saw OpenBet, which is one of the leading software providers in the e-gaming and online betting arena, sold by digital pay TV provider NDS.
January 25, 2011 at 08:27 PM
2 minute read
A trio of City firms have won roles advising on the £208m management buyout of gambling technology provider OpenBet backed by London private equity house Vitruvian partners.
The deal saw OpenBet, which is one of the leading software providers in the e-gaming and online betting arena, sold by digital pay TV provider NDS.
NDS turned to longstanding adviser Allen & Overy (A&O) for the sale, with City corporate partner Jeremy Parr leading a team that included incentives partner Paul McCarthy and pensions partner Dana Burstow.
Vitruvian turned to Dickson Minto, where City partner Andrew Nuthall took the lead. Meanwhile Ashurst picked up a role for OpenBet's management, with City corporate partner Simon Beddow leading a team which also included corporate counsel Mae Chong, tax partner John Watson and incentives partner Barbara Allen.
The deal will see Vitruvian take a majority holding in OpenBet, with the remaining stake held by OpenBet management. David Loveday, chief executive officer of OpenBet, and the existing senior management team will continue in their roles.
Commenting on the deal, Parr said: "NDS has been a client of A&O practically since it was launched and I have looked after it for about 10 years. This was a nice transaction to work on as OpenBet is a very clean company and we enjoyed working with all of the other advisers involved. It was a very straightforward transaction."
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