Trowers & Hamlins advises minority shareholders of Gamesys on £490 million sale to JPJ Group plc
Trowers & Hamlins has advised a group of minority shareholders of Gamesys (Holdings) Limited on a sale to Main Market listed JPJ Group plc.
The sale comprised the Gamesys core business, which includes the development of platform software and bingo games for, and the operation of, real money online gaming websites and apps. The consideration for the sale was approximately £490 million, comprising £250 million in cash and £240 million in new JPJ shares.
This transformational transaction closed on 26 September 2019 following satisfaction of conditions including JPJ shareholder approval and the publication of a JPJ prospectus and class one circular (the transaction amounting to a reverse takeover) and regulatory approvals. The acquisition creates a leading UK and international online gaming operator and represents a second significant deal between Gamesys and JPJ following the 2015 acquisition by JPJ (formerly the Intertain Group) of several Gamesys flagship brands.
Following a pre-sale reorganisation and demerger, Gamesys shareholders retain ownership of the Gamesys sports and non-bingo games businesses.
Corporate Partner, Edward Hooper, led the Trowers team and was assisted by Amy Sandel.
Edward commented: “It is a pleasure to see the Gamesys shareholders realising further value from their long-term investment in the company in an exciting deal that leaves them with a continuing interest in both JPJ and the demerged businesses.”