23 Feb 2010
LG advises on sale of leading online gaming developer
International business law firm Lawrence Graham LLP ("LG") has acted for Virtue Fusion Limited, a leading developer and licensor of online Bingo products, and its shareholders on the sale of the Virtue Fusion business to AIM-quoted, Playtech Ltd. Completion of the sale took place on 13 February 2010.
Cash consideration of £29 million was payable on completion (or within 30 days) and up to a further £7 million in cash is payable dependent upon the adjusted EBIT performance of the business over the course of 2010. Playtech is the world's largest publicly traded online gaming software supplier.
Corporate partner Jeffrey Elway led the LG team, which included Corporate solicitor, Jenna Beever; Commercial/IP partner, Jonathan Riley, Employment solicitor, Caroline Fallon, Property solicitor, Peter Sullivan, Tax partner Michael Murphy and Tax solicitor, Gemma Neilson.
Jeffrey said: "We are delighted to have acted for Virtue Fusion and its shareholders on the sale of the Virtue Fusion business to Playtech, having acted for Virtue Fusion for a number of years as it has grown since formation just over ten years ago now.
"The founders and key personnel of Virtue Fusion have contracted to remain with the business for a minimum of two years and we wish them luck in continuing to grow the business under new ownership. The deal should ensure that Virtue Fusion's customers continue to benefit from Virtue Fusion's market leading Bingo products and in addition should be able to profit from Playtech's greater international reach and access to a wider games portfolio."
BLP acted for Playtech Ltd.
Notes to editors:
- LG is a business law firm with a particular focus on entrepreneurial and growth market clients seeking to raise capital for their business ventures
- LG's M&A team advises entrepreneurs, publicly listed companies, overseas corporations, private companies, trustees and trust corporations and other entities on acquisitions, disposals, mergers, reorganisations and strategic alliances, including limited partnerships and joint ventures