Olswang acts on gaming purchase

Olswang has advised PartyGaming on the acquisition of assets and businesses from Empire Online and Intercontinental Online Gaming (IOG). The firm’s London office, led by corporate partner Paul Blackmore, advised PartyGaming on the purchase of Empire Online’s gaming assets and all of IOG’s business and assets in exchange for more than $66m (£33.21m) in shares. Empire Online was advised by Travers Smith, led by corporate finance partner Alasdair Steele. Granot Strauss Adar & Co partner Richard Naimer advised IOG on the Israeli law aspects. Although Empire Online and IOG are unrelated, the complementary nature of their activities resulted in the simultaneous sale. Empire Online is expected to invest the proceeds in private and public businesses.