Cains acted for Cerberus, the New York-based hedge fund, in connection with its provision of a €400 million senior secured facility to GVC Holdings PLC (an Isle of Man company) to part finance the acquisition of bwin.party. When Cerberus became involved, the board of bwin.party had already recommended an offer from 888.com. However, after a 5 month bidding battle, GVC’s offer (which comprised both debt and shares and valued the entire issued and to be issued ordinary share capital of bwin.party on a fully diluted basis at approximately £1.116 billion) was perceived as stronger by the board of bwin.party and the recommendation of the board passed to GVC. The acquisition of bwin.party was completed on 1 February 2016.
The Cains team, which worked closely with Norton Rose Fulbright LLP (as lead counsel to Cerberus), was led by Tristan Head.