Freshfields and Addleshaw Goddard lead on £908m gambling company deal

Addleshaw Goddard and Freshfields Bruckhaus Deringer have won the lead manadates on gambling company GVC Holdings’ bid to buy bwin.party digital entertainment in a £908m cash and stock deal.

Freshfields is acting for bwin with a team led by London M&A co-head Piers Prichard Jones and London corporate partner Chris Mort.

Mort also advised Party Gaming on its 2010 merger with bwin Interactive Entertainment in a deal that, at the time, created the world’s largest listed online gaming company.

Addleshaws London corporate partner Nick Pearey is acting for long-time client GVC.

He previously advised the gaming services company on its readmission to the AIM market in 2010.

He also acted for GVC on its acquisition of Sportingbet, alongside its partner on the deal, William Hill, in 2012. Other transactions he has advised the company on include its 2014 joint venture with Scandinavian gaming company Betit.

In June Ladbrokes and Gala Coral entered talks on a merger that would create a business with a combined revenue of £951m. Slaughter and May acted for Ladbrokes, with a team led by corporate head Andy Ryde, while Ashurst represented Gala.

In December 2014 Freshfields acted for private equity group CVC Capital Partners on its £800m acquisition of Sky’s bookmaker subsidiary, Sky Bet.