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CMS advises Bede Gaming on its sale of a majority stake to Gauselmann

16 March 2020

International law firm CMS has advised Bede Gaming, the UK headquartered developer of online gaming platforms for casinos, sports betting and lotteries, on the sale of a majority stake to the Gauselmann Group. 

With this acquisition, the Gauselmann Group is further expanding its already strong digital presence, while at the same time creating new opportunities for the opening of the German online gaming market from 2021. Furthermore, it is gaining a foothold in the North American lottery market, in which Bede Gaming is an important partner to the Ontario Lottery and Gaming Corporation, one of the world’s largest lotteries.

Bede Gaming will operate as an independent business unit within the Gauselmann Group and continue to maintain its offices in Newcastle upon Tyne, Sofia and Toronto. Bede’s management will also continue to hold a stake in the company, the arrangements for which CMS also advised upon.

The transaction adds to CMS’ strong online gaming M&A credentials and follows on from the team’s advice in 2019 to Gamesys on its £490 million cash and share combination with JPJ Group plc; The Rank Group on its £115.3m recommended takeover of Stride Gaming plc; NetEnt on its £220m acquisition of Red Tiger Gaming and FSB Technology on the sale of a majority stake to Clairvest for up to £27m.

Corporate Partner Rob Willis comments: "We are really pleased to have supported Bede and its shareholders on this great deal for the sector.  The coming together of Gauselmann’s scale and international reputation with Bede’s in-depth digital product and technological expertise makes for a first-class combination.”

The CMS team was led by Corporate partners Tom Jameson and Rob Willis, supported by Lauren Wood and Nana Donkor (Corporate); Stephen Hignett, Robert Sartor and Alexandra Tuck (Tax); Andrew Quayle, Cathy Wears and Mala Patel (Employee Share Schemes) John Enser, Matt Hanson and Alasdair Lamb (Commercial and Gaming Regulatory); and Joel Vertes and Oscar Webb (IP).