Trowers & Hamlins has advised The Intertain Group Limited ("Intertain"), the TSXV-listed online gaming company, on its acquisition of leading online bingo provider, Mandalay Media Limited ("Mandalay").

The firm provided legal advice and expertise on Intertain's share purchase agreement to acquire, subject to financing, the entire issued share capital of Mandalay for an initial payment of £45 million in cash, subject to working capital adjustments, with up to a further £15 million in cash contingent on future profit performance.

Intertain, through its subsidiary, CryptoLogic Operations Limited, is an online gaming company, which provides entertainment to a global consumer base.  Intertain currently offers casino and poker games to its customers using the InterCasino and InterPoker brands.  InterCasino is one of the longest running online casinos in the world, having been launched in 1996.

Mandalay owns some of the UK's leading online bingo websites, including Costa Bingo, Sing Bingo, City Bingo, Fancy Bingo, and Rio Bingo, as well as leading affiliate sites Casino Choice and Ignite.

Richard Hildebrand, Corporate partner at Trowers & Hamlins, added:  "We are very pleased to have worked with Intertain on this strategic acquisition, and look forward to completion and seeing the business flourish." 

In addition to Richard Hildebrand, Trowers & Hamlins Corporate partner Nick Harrisingh and Corporate assistant Yasha Gosrani also advised Intertain on the acquisition.