LONDON (6 June 2006) — The law firm of McDermott Will & Emery UK LLP has advised 32Red plc on its acquisition of Bet Direct from Sportech Plc.
The transaction included 32Red Plc acquiring Bet Direct for £12.5 million and a subsequent AIM placing of 5,010,500 new ordinary shares at 120p per share in order to raise funds of approximately £6 million to help fund the acquisition. The balance of the consideration will be funded from new bank debt facilities and existing cash reserves.
Bet Direct is one of the United Kingdom’s largest independent telephone and internet betting businesses offering telephone, internet, interactive television and mobile telephone sports betting as well as internet casino, poker and fixed-odds games.
32Red plc is a UK-focused online gaming business predominantly comprising two activities: casino and poker. The company offers customers over 200 online casino games played against the house. They also operate a multiplayer online poker room.
The McDermott team included employment associate Sharon Tan, intellectual property associates Rohan Massey, Simone Blakeney and Cheng Tan, pensions and tax associate James Ross.