Greenberg, Olswang pick up buyer role on Rank deal

US firm Greenberg Traurig and its ally Olswang have scooped a mandate to advise on the first major purchase of an international company by a native American tribe.

The firms advised the Seminole Tribe of Florida on the purchase of the Hard Rock business from Rank Group for $965m (£491m). Rank, the UK-based gaming group, instructed regular adviser Freshfields Bruckhaus Deringer for the sale.

The UK and international aspects of the transaction were led by Freshfields corporate partner Martin Taylor and corporate associate Michael Hilton. Larry Goldberg, a partner in DLA Piper‘s Chicago office, advised Rank on the US law aspects of the deal.

The transaction completes the transformation of Rank from a diversified leisure group into a focused gaming business.

In January Freshfields advised Rank on the disposal of Deluxe Film to DX111 Holdings Corporation, a subsidiary of MacAndrews & Forbes, for $750m (£381.61m).

Following the transaction Rank plans to return £350m to shareholders through the payment of special dividends and to effect a share consolidation.

The disposal, which is subject to shareholder approval, is expected to be wrapped up on 5 March next year.