Media, technology and IP law firm Wiggin has consolidated its reputation as the go to firm for the global gambling market by advising private equity management firm, Clairvest Group on its majority investment in FSB Technology. Toronto based Clairvest have a 19 year track record in the gaming industry with a focus on sports betting.
The initial consideration payable is £23m, which can be increased by up to £4m subject to certain conditions being met. The investment will be used by FSB to expand its sports betting and iGaming services in regulated markets.
Corporate partner Jason Fisher led a cross-departmental team and was assisted by corporate associates Benjamin Simon and Tom Watkins. Gambling team co-head Steve Ketteley led on the regulatory aspects of the deal, assisted by Chris Elliott.
Michael Wagman, President of Clairvest said: “We are excited to back FSB’s leadership and partner with proven and strongly aligned gaming entrepreneurs. Jason, Steve and all of the Wiggin team were a great fit for us, giving pragmatic and valuable guidance throughout the process, and making sure closing was a success“.
Wiggin’s corporate practice has been involved in many of the most significant deals in the online gambling sector in recent years, including the sale of Royal Panda to LeoVegas and William Hill’s public takeover of Mr Green. The firm’s award winning gambling team advises stakeholders from across the gambling industry on all legal and regulatory aspects of their businesses.