VITRUVIAN PURCHASES MAJORITY HOLDING IN OPENBET
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13th January, 2011 :: 16:21:33
Source: Casinos Online
NDS will use the proceeds to further growth in digital pay-TV sector
Di gital Pay-TV technology provider NDS has announced an agreement pursuant to which funds managed by Vitruvian Partners will back a management buyout of interactive gaming & betting provider OpenBet , a subsidiary of NDS.
Vitruvian & management will acquire OpenBet for a cash consideration of GBP 208 million. NDS will use the proceeds for general corporate purposes.
The completion of the transaction is conditional upon the receipt of certain regulatory approvals. At completion, Vitruvian will assume a majority holding in OpenBet with the remaining stake held by OpenBet Management. David Loveday , Chief Executive Officer of OpenBet, & the existing senior management team will continue in their roles.
âEURњThe sale of OpenBet will allow NDS to focus further on continued growth in our core market - the digital pay-TV technology sectorâEURќ, said Abe Peled , Chairman & CEO of NDS.
David Loveday, CEO of OpenBet added; âEURњVitruvian have a deep understanding of our business in both the online gaming & retail sectors. Their backing will enable OpenBet to continue to grow its business worldwide, with both existing customers & future opportunities.
âEURњThis transaction will help ensure that OpenBet remains at the forefront of online & retail technology for the gaming industry both in terms of the solutions it offers & services.âEURќ
Ian Riley , a Managing Partner of Vitruvian, commented; âEURњOpenBet is a high-growth technology business with a strong reputation, proven track record & impressive client portfolio. We are delighted to be backing David & his team & to be able to help support the continued development of the business.âEURќ
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