May 12, 2014
Niche media and technology law firm, Wiggin, has advised GTECH S.p.A (“GTECH”) on the acquisition of Probability plc (“Probability”). Probability develops and provides online and mobile gaming technology and services. It is headquartered in the UK with additional offices in Gibraltar and Switzerland.
Wiggin advised GTECH on all legal aspects of the takeover of the AIM-listed Probability by GTECH UK Interactive Limited (a wholly owned subsidiary of GTECH). The acquisition was effected by way of a Court approved scheme of arrangement which valued the entire issued share capital of Probability at approximately £18 million (€21 million). The scheme became effective on 2 May 2014.
The Media Corporate team at Wiggin advising on the takeover was led by partner Ben Whitelock with support from Jason Fisher and with the head of Wiggin’s Betting and Gaming Group, Jason Chess (partner), leading on all gaming regulatory aspects.
Commenting on the transaction, Ben Whitelock said: “We are delighted to have advised GTECH on this strategically important acquisition. Probability has established an industry-leading mobile capability and the deal will assist GTECH in advancing its mobile gaming strategy both internationally and in the US as demands from its customers for mobile solutions expand and become increasingly complex.”
Fabio Celadon (SVP Strategy and Corporate Development at GTECH) commented: “The challenge of this acquisition for GTECH was the combination of complex U.K. takeover regulatory requirements combined with the highly regulated gaming business. I’m happy to say the expert legal counsel of Ben and the entire Wiggin team met this challenge head on. Their expertise and guidance played a key role in getting this acquisition across the finishing line and they did an outstanding job for us on the transaction.”
GTECH, listed on the Milan Stock Exchange, is a leading operator and provider of technology in regulated gaming and lottery markets worldwide. GTECH was formerly known as Lottomatica and is majority owned by the De Agostini Group.
Altium Capital Limited and Global Leisure Partners LLP acted as financial advisers to GTECH and Probability respectively. DAC Beachcroft LLP acted as legal advisers to Probability and Numis Securities Limited as nominated advisers and broker.