Freshfields steers Betfred to victory in battle for the Tote

Freshfields Bruckhaus Deringer client Betfred has won the bid to acquire the state-owned Horserace Totalisator Board (the Tote), after fighting off a rival tender from former Liverpool FC chairman Sir Martin Broughton.

Corporate partner Christopher Mort led the Freshfields team advising on the £265m bid, with partner Barry O’Brien also acting (30 May 2011).

Sports specialist Couchmans acted for Broughton, with partner Satish Khandke leading, while Ashurst partner David Carter advised his private equity backer Oakley Capital. Linklaters partner Mark Stamp and Slaughter and May acted for the Government and the Tote respectively.

The full line-up of legal advisers was first revealed by The Lawyer last month (30 May 2011).

Broughton’s Sports Investment Partners valued the bookmaker at £230m.