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Carey Olsen Advises On Tote Acquisition

by Jason Gorringe, Tax-News.com, London

14 June 2011


A cross-practice team from Carey Olsen’s Guernsey office has acted as advisor for Betfred in respect of its acquisition of the Tote bookmakers from the UK government.

Carey Olsen advised on the Guernsey and Alderney aspects of the acquisition which included transactional, licensing and regulatory matters.

Betfred, established in 1967, is the world’s largest owner-operated bookmaker with over 840 retail outlets and an online betting facility.

The deal includes the exclusive seven-year license to operate the pool-betting facilities at 60 UK race courses, the purchase of 517 high street bookmakers and the online business.

Carey Olson corporate partner Chris Anderson said: “This is a landmark transaction for the British betting industry and has been a particularly interesting deal to be involved with as we have been able to draw on Carey Olsen’s extensive expertise in both corporate acquisitions and e-gaming regulation. We are delighted to have been able to support Betfred on their successful bid and wish them every success in the future.”

A comprehensive report in our Intelligence Report series examining the new possibilities that offshore e-commerce open up for business, and analysing the offshore jurisdictions that have led the way in offering professional e-commerce regimes for international business, with a particular focus on e-gaming, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report6.asp
TAGS: tax | business | mergers and acquisitions (M&A) | international financial centres (IFC) | Guernsey | offshore | gambling | licensing | offshore e-gaming | Alderney

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