Scientific Games’ $1.2 Billion Sale of OpenBet to Endeavor
September 27, 2021
On September 27, 2021, Scientific Games Corporation (“Scientific Games”), a world leader in entertainment, announced that it has entered into a definitive agreement to sell its Sports Betting business, OpenBet, to Endeavor Group Holdings, Inc., a global sports and entertainment company, in a cash and stock transaction valued at approximately $1.2 billion. OpenBet is one of the world’s leading global online sports betting technology companies, offering an ecosystem of sports content, technology and services to the largest operators around the world. Cravath is representing Scientific Games in connection with the transaction.
The Cravath team is led by partner Robert I. Townsend III and includes associates Kelly M. Smercina, Rachel L. Schlobohm and Evan S. Gabor on M&A matters; partner J. Leonard Teti II and associates Cecily Xi and Duncan H. Hardell on tax matters; partner David J. Kappos and associate Carys J. Webb on intellectual property matters; partner Matthew J. Bobby and associates Jana I. Hymowitz and Brendon J. Rivard on executive compensation and benefits matters; practice area attorney Nicole M. Peles on regulatory matters; and practice area attorney Brian M. Budnick on real estate matters.
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