A cross-practice team from Carey Olsen’s Guernsey office has advised Sportech Plc on aspects of Alderney law in respect of the sale of part of its Alderney business to NetPlay TV Group Limited.
The transaction involved lawyers from Carey Olsen’s regulatory, corporate and employment departments to ensure the smooth sale of the Vernons-branded online casino, poker, bingo and sports book websites for £3 million (€3.5 million, $4.8 million).
The Carey Olsen team included litigation and regulatory senior associate Richard Field, corporate senior associate Tony Lane and employment of counsel Huw Thomas.
Carey Olsen has an existing relationship with Sportech having assisted them in setting up their Guernsey and Alderney businesses.
Sportech decided to sell the Vernons brand following a strategic review of its e-gaming business.
Sportech’s chief executive, Ian Penrose, said: “Our loss making Vernons casino, poker and bingo business has had a difficult year and the impending introduction of Point of Consumption tax next year increases the challenges ahead for a sub scale operation in an increasingly competitive marketplace. We are delighted to have realised £3 million in cash for the sale to Netplay, who will be able to combine increased scale and market-leading interactive gaming television skills to take the business forward.”
This deal follows a number of similar transactions on which Carey Olsen has advised in recent years including the acquisition of the Tote bookmakers from the UK government by Betfred.
Advocate Field said: “We have been instructed on an increasing number of e-gaming transactions as the market consolidates. Having advised on all of the significant deals in recent years our specialist knowledge in this area is well recognised in the industry.”
Category: Finance & Business