Our client 888holdings signed a transaction for the sale of its Bingo business
23 January 2022
888holdings plc, a leading global operator of online gambling offerings listed on the London Stock Exchange, signed a transaction for the sale of its Bingo business. The buyer, a subsidiary of Broadway Gaming, will pay a total of up to $50 million in cash, subject to post-closing adjustments and earn-out. Closing of the transaction is subject to the fulfillment of conditions including regulatory approval by the UK Gambling Commission. The transaction involved complex cross-border corporate, regulatory, tax and employment issues and required restructuring of 888’s corporate structure in order to allow for the sale of the Bingo business.
Ory Nacht, a partner in the firm’s Corporate and E-commerce practices, led the transaction on the part of Herzog, along with partners Hanna Bilavsky from the Online Gaming practice, Daniel Lipman Lowbeer from the International Tax Practice, Moria Tam-Harshoshanim from the firm’s Labor Law department and Jenia Melkhior from the firm’s Intellectual property practice, with the assistance of many other specialists.
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