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News & Insights

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 associate 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.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Intellectual Property
  • Executive Compensation and Benefits
  • Consumer Products and Services
  • Technology
  • Media and Entertainment

People

Photo
Name
Robert I. Townsend III
Title
Corporate
Title
Partner
Email
rtownsend@cravath.com
Phone
+1-212-474-1964
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    Education

    • J.D., 1990, Harvard Law School
      magna cum laude
    • A.B., 1987, Harvard College
      magna cum laude

    Admitted In

    • New York
    Photo
    Name
    Kelly M. Smercina
    Title
    Corporate
    Title
    Partner
    Email
    ksmercina@cravath.com
    Phone
    +1-212-474-1133
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      Education

      • J.D., 2014, University of Michigan Law School
        Order of the Coif, summa cum laude
      • B.A., 2011, University of Notre Dame
        Phi Beta Kappa, summa cum laude

      Admitted In

      • New York
      Photo
      Name
      J. Leonard Teti II
      Title
      Tax
      Title
      Partner
      Email
      lteti@cravath.com
      Phone
      +1-212-474-1896
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        Education

        • J.D., 2005, University of Virginia School of Law
          Order of the Coif
        • A.B., 1999, Princeton University
          with Honors

        Admitted In

        • New York
        Photo
        Name
        David J. Kappos
        Title
        Corporate
        Title
        Partner
        Email
        dkappos@cravath.com
        Phone
        +1-212-474-1168
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          Education

          • J.D., 1990, University of California, Berkeley, School of Law
          • B.S., 1983, University of California, Davis
            summa cum laude

          Admitted In

          • New York
          • California
          • District of Columbia
          Photo
          Name
          Matthew J. Bobby
          Title
          Executive Compensation and Benefits
          Title
          Partner
          Email
          mbobby@cravath.com
          Phone
          +1-212-474-1128
          vCard
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            Education

            • J.D., 2012, Harvard Law School
              magna cum laude
            • M.A., 2009, University of Pennsylvania
            • B.A., 2009, University of Pennsylvania
              Phi Beta Kappa, summa cum laude

            Admitted In

            • New York
            Photo
            Name
            Nicole M. Peles
            Title
            Litigation
            Title
            Of Counsel
            Email
            npeles@cravath.com
            Phone
            +1-212-474-1624
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              Education

              • J.D., 2010, New York University School of Law
                cum laude
              • A.B., 2007, Dartmouth College

              Admitted In

              • New York
              Photo
              Name
              Brian M. Budnick
              Title
              Corporate
              Title
              Practice Area Attorney
              Email
              bbudnick@cravath.com
              Phone
              +1-212-474-1914
              vCard
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                Education

                • J.D., 2011, Benjamin N. Cardozo School of Law
                  cum laude
                • B.A., 2006, University of Virginia

                Admitted In

                • New York

                Related News & Insights

                Deals & Cases

                October 15, 2024

                Epic Games Wins Post‑Trial Injunction in Antitrust Case Against Google

                On October 7, 2024, the U.S. District Court for the Northern District of California entered a post‑trial order in favor of Cravath client Epic Games imposing a nationwide three‑year permanent injunction against Google. The injunction, which follows Epic’s jury trial win against Google last year, prohibits Google from paying competitors not to compete and requires Google to distribute alternative app stores on the Google Play Store and provide alternative app stores with access to the Google Play Store’s catalog of apps.

                Deals & Cases

                December 19, 2023

                Epic Games Defeats Google in Antitrust Trial Victory

                On December 11, 2023, a jury unanimously ruled in favor of Cravath client Epic Games (“Epic”) on all counts in its closely watched antitrust case against Google in the U.S. District Court for the Northern District of California, determining—after a multiweek trial—that Google has engaged in anticompetitive behavior in the distribution of mobile apps and in the handling of in‑app payments.

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