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Dec 11, 2018

HFN Represents 888 in Acquisition of AAPN from Avenue OLG Entertainment

Herzog, Fox & Neeman acted for 888 US Inc., a wholly owned subsidiary of 888 Holdings Plc, in its acquisition of the remaining interests in the joint venture AAPN Holdings, LLC from its partner Avenue OLG Entertainment LLC and other minority shareholders of AAPN for $28.25 million in cash. The AAPN joint venture was established between Avenue and 888 in 2013 to launch 888's B2C brands in the regulated online gaming market in the United States, and the transaction is expected to give 888 independent control of its growth strategy in the US moving forward.

HFN's team was led by Ory Nacht, a partner in the firm's E-Commerce and M&A practices, along with International Tax Partner, Daniel Lipman Lowbeer, and M&A Associate Michal Herzfeld.

The team dealt with all aspects of the transaction including drafting and negotiating the buyout agreement, promissory note, parent guarantees and all their ancillary documents, and advised the company on various tax, corporate and securities reporting matters in connection with the transaction with the assistance of Ed Barnett and Sonica Tolani from Latham Watkins in London.  Avenue was represented by Geoff Levin from Sidley Austin LLP.

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