On May 20, 2016, NYX Gaming Group Limited (“NYX”) (TSXV: NYX) announced that it had closed the previously announced acquisition of OB Topco Limited (“OpenBet”). NYX has acquired 100% of the issued and outstanding shares of OpenBet from funds managed by Vitruvian Partners LLP, its co-investors and management for total consideration of £270 million.
The acquisition was financed in part through an issue of convertible preference shares in a new wholly-owned subsidiary called NYX Digital Gaming (OB Holdings) Limited, incorporated for the purpose of the acquisition. William Hill plc invested £80 million in the convertible preference shares and Sky Betting and Gaming invested £20 million. These shares are convertible into ordinary shares of NYX pursuant to certain specified events and subject to certain conditions as required by the TSX Venture Exchange.
Miller Thomson advised William Hill with respect to this investment with a team that included Danielle Bush, Pierre Soulard and Roisin Hutchinson.