Cains advises Cerberus in connection with a €400 million facility to GVC Holdings PLC

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 When Cerberus became involved, the board of had already recommended an offer from 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 on a fully diluted basis at approximately £1.116 billion) was perceived as stronger by the board of and the recommendation of the board passed to GVC. The acquisition of 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.