DAC Beachcroft Advises Probability Plc on £18m Takeover
Published On: 6 May 2014
International law firm DAC Beachcroft has advised longstanding client Probability Plc, a leading mobile phone gaming company, on its £18 million takeover by GTECH UK Interactive Ltd. The offer was effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006.
The Scheme, which became effective on 2 May, sees GTECH acquire the entire issued share capital of AIM-listed Probability. GTECH SpA is a leading commercial operator and provider of technology in the regulated worldwide gaming and lottery markets.
DAC Beachcroft fielded a London Corporate team on the deal spearheaded by partner Steven Raize and consultant Clive Garston, with support from solicitor Philip Walton. The team also included partner John Dunlop and Matthew Spencer (tax and share options) and partner Alexandra von Westernhagen (competition).
This is the latest deal on which DAC Beachcroft has worked with Probability, having previously advised the expansive company on its acquisition in 2012 of Playyoo SA, the Swiss-headquartered mobile gambling technology developer, and on a number of other private placements. The company has flourished in recent years as a result of the increased penetration of smartphones and the growing number of regulated global markets permitting remote gambling services.
Commenting on the takeover, Steven Raize said: "We were delighted to play a leading role on this very significant transaction. Having advised Probability since 2008, it was particularly pleasing to be able to advise the Board on the successful completion of its acquisition by GTECH, which points to an exciting future for the company."
He added: "Our work on this deal further underlines our track record of advising leading players in the tech entrepreneurial space."
Charles Cohen, CEO of Probability, said: "We have worked with DAC Beachcroft on all corporate activity for many years and the team led by Steven Raize on this transaction has been world class. I cannot fault them. They combine a command of the law in all relevant areas with a rare sensitivity to commercial needs and an ability to communicate complex issues to non-specialists with great effectiveness.”
Global Leisure Partners LLP acted as financial advisers to Probability Plc and Numis Securities Limited as nominated advisers and broker. GTECH was advised by Wiggin LLP and Altium Capital Limited.