Olswang has advised, Gamesys, the leading online bingo business, on the sale of its Jackpotjoy (UK, Eire and Sweden), Starspins and Botemania business (the "Jackpotjoy Business") to The Intertain Group Limited, a Canadian online gaming company listed on the Toronto Stock Exchange for an initial purchase price of £425.8 million in cash and shares, plus an earn out.

The transaction will see Intertain acquiring all of the real money and social brands, marketing and player data assets comprised within the Jackpotjoy Business. Gamesys will also enter into long term services agreements with Intertain in order to provide platform services and gaming content to the Jackpotjoy Business.

Launched in 2001, Gamesys operates and develops software for several of the UK, US and Europe's leading gaming sites and mobile/tablet apps, and is consided one of Britian's fastest-growing and most profitable online gaming companies. In 2013, the company delivered underlying earnings of £53.1 million from turnover of £200 million. In 2012, it was chosen by Facebook to become the first company worldwide to launch real cash gaming applications on the social media platform.

Noel Hayden, founder of Gamesys, commented: "We are delighted to announce this deal with The Intertain Group, who we believe shares our long-term vision for growth in the international gaming industry. We are grateful to the Olswang team who helped us on this complex and exciting transaction. Their combined expertise in corporate law and the gaming sector is unmatched, and we thank them for their advice and insights." 

"Gaming is a fascinating, internationally-expanding industry, and we were pleased to again advise Gamesys on this market-leading transaction," said Corporate Partner Rob Willis. "It was particularly rewarding counselling Gamesys on this transaction as it allowed Olswang to leverage its expertise across a wide variety of practice areas."

The multidisciplinary Olswang team was led by Corporate Partner Rob Willis with assistance from Carsten Greve, Charlie Turnham, Taryn Strong and Jennifer Lloyd (Corporate); Stephen Hignett, Stephen Smith and Helen Laver (Tax); David Zeffman, Anna Soilleux, Alice Himsworth and Mike Llewellyn (Commercial and Gambling Regulatory); Melanie Lane and Gina Young (Employment); Sarah Wright and Alasdhair McDonald (IP); Charles Kerrigan, Julian Turner and Sam Sherwood (Banking); and Howard Cartlidge and Dervla Broderick (Competition).