Clifford Chance and Nabarro have taken lead roles on Sportingbet’s bond issue and subsequent acquisition of Australian betting company Centrebet.
Clifford Chance acted for Centrebet on the deal, with the advice being led out of the Sydney office it gained as part of its February merger with local firm Chang Pistilli & Simmons. Corporate partner Lance Sacks led the team, working alongside London banking partner Iain Hunter.
Nabarro acted for Sportingbet, led by London corporate partner Graham Stedman. Nabarro has worked with Sportingbet for a number of years, acting on its 2006 listing on AIM as well as its promotion to the main market.
On the Centrebet deal Nabarro worked alongside Australian firm Addisons, which fielded a team led by Sydney-based partner David Selig.
In order to fund the deal Sportingbet undertook an £118.5m equity and convertible bond issue, with advice from Nabarro corporate partner Russell Holden.
Oriel Securities, which provided financial advice to Sportingbet, turned to Herbert Smith London corporate finance partner Will Pearce. Dorsey & Whitney partner Christopher McFadzean acted for ISM Capital, which managed the bond issue.
According to Sportingbet chief executive Andrew McIver, the deal is part of the company’s strategy to increase its exposure to regulated markets.
He said in a statement: “We’ll become the leading corporate bookmaker in the fast-growing Australian market and look forward to other key markets regulating in the near future.”